After-hours buzz: ADBE, SHOP & more
Shares of Adobe jumped close to 2.5 percent after the bell, before paring gains slightly and settling up nearly 1 percent. The software company on Monday announced an $8 billion stock repurchase program, which extends a previous $2.5 billion program through 2021. Adobe CFO John Murphy said the program "is reflective of our strong cash flow expectations and balance sheet, and reinforces our commitment to returning value and excess cash to our stockholders."
Adobe also on Monday announced the $1.68 billion acquisition of e-commerce platform Magento Commerce, which executives expect will make the Adobe experience more "shoppable."
Shopify stock dropped nearly 3 percent in extended trading after Adobe announced its acquisition. Magento and Shopify are rivals in the e-commerce space.
Pure Storage stock tanked nearly 8 percent in extended trading. The flash storage company reported first quarter earnings and revenue that proved less weak than Wall Street predicted. Pure Storage reported a loss of 7 cents on revenue of $255.9 million versus the 12 cent loss on $251.5 million analysts expected. Pure Storage anticipated second quarter revenue would fall between $296 million and $304 million, whereas the Street was hoping for $299 million in revenue next quarter.
Shares of Nordson fell nearly 6 percent in extended trading, after the dispensing equipment manufacturer reported weaker than anticipated third quarter outlook. The machinery company reported a strong second quarter, coasting on the effects of several automotive electronics acquisitions, but weak outlook stoked fears the momentum wouldn't last.
On a tear from the regular session, Micron stock continued its trajectory, gaining more than 4 percent after the bell. The semiconductor company announced a $10 billion share repurchase program, in conjunction with plans to return at least 50 percent of free cash flow to stockholders beginning in fiscal 2019.
Earlier in the day, Micron strengthened third quarter guidance.