Monday, March 20, 2023

Stocks making the biggest moves after hours: FedEx, First Republic Bank and more

A employee kinds packages at a FedEx Express facility on Cyber Monday in Garden City, New York, US, on Monday, Nov. 28, 2022.

Michael Nagle | Bloomberg | Getty Images

Check out the businesses making headlines in prolonged buying and selling.

FedEx — The package-shipping firm’s shares have been up 9% after it reported a beat on earnings in its fiscal third quarter and raised its earnings forecast for the total yr. FedEx reported adjusted earnings of $3.41 per share, topping analysts’ estimates of $2.73 per share, in response to Refinitiv. Meanwhile, the corporate’s income fell beneath expectations. FedEx posted $22.17 billion in income, whereas analysts had estimated $22.74 billion. Shares of United Parcel Service popped 2% in sympathy.

First Republic Bank — The financial institution’s shares have been down 15% throughout after-hours buying and selling. During the common buying and selling session, the inventory reversed earlier losses and rallied virtually 10% as a group of 11 banks, together with Bank of America and Goldman Sachs, agreed to deposit $30 billion in First Republic. Shares of Zions Bancorp and KeyCorp, that are among the many regional banks dealing with a tough week, fell greater than 2%.

Merck — Shares of the pharmaceutical firm fell practically 2% in prolonged buying and selling after Merck provided an update on a trial for one in every of its metastatic non-small cell lung most cancers medicine. The outcomes did not attain “statistical significance,” and Merck mentioned sufferers on this arm of the research “should be switched to a standard of care.”

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