A Lululemon sign hangs in front of their store at the Woodbury Commons Premium Outlets shopping mall on November 17, 2019 in Central Valley, New York.
Gary Hershorn | Corbis News | Getty Images
Check out the companies making headlines after the bell:
Shares of Lululemon Athletica slipped 5% during extended trading Wednesday despite the company’s third-quarter earnings beat. The company earned 96 cents per share on revenue of $916 million, exceeding the earnings of 93 cents per share and revenue of $900 million analysts expected, according to Refinitiv. Same-store sales growth and gross margins also topped expectations, at 17% and 55.1%, respectively. Wall Street had expected same-store sales to increase by 14.4% and gross margins to increase by 54.6%.
The mid-points of the company’s fourth-quarter outlook fell slightly short of estimates, however. Lululemon shares reached a year-to-date high during midday trading, at $235.50 per share. The stock is up approximately 92% year to date.
General Electric’s shares rose nearly 2% after UBS analyst Markus Mittermaier upgraded the stock to “buy” with a price target of $14, citing a roughly 26% upside due to de-leveraging, EPS and cash momentum. Mittermaier said the stock is “at a positive inflection point into 2020.” The company’s shares are up approximately 45% year to date.
Fiat Chrysler shares briefly jumped 4% after the United Auto Workers Union agreed to a four-year deal with the automaker. Fiat Chrysler is the last of the Big 3 Detroit automakers to reach an agreement with the union, after General Motors and Ford. The round of negotiations with the automakers included a 40-day strike against GM, UAW’s longest national strike in decades.