After-hours buzz: Wells Fargo, RH & more

Stock Market

Check out the companies making headlines after the bell:

Shares of Wells Fargo jumped more than 3 percent after market close Thursday following news that the bank’s CEO Tim Sloan is retiring. Sloan was under pressure to step down, especially from lawmakers like Sen. Elizabeth Warren. The bank’s general counsel Allen Parker will take over as interim CEO and president.

Morgan Stanley shares ticked slightly higher after a memo revealed that chief operating officer Colm Kelleher is retiring. He joined the bank in 1989 and will be officially stepping down on June 30.

Shares of RH, parent company of Restoration Hardware, plummeted more than 17 percent in extended trading after releasing mixed fourth-quarter results. The home furnishings company lowered its 2019 revenue guidance to a range of $2.585 billion and $2.635 billion, down from its previous range of $2.72 billion to $2.82 billion. The company cited weakness in its core business after the fourth-quarter market volatility and negative trends in the high end housing market.

RH also reported fourth-quarter earnings per share of $3 on revenue of $670.9 million. Wall Street expected earnings per share of $2.86 on revenues of $686.30 million, according to Refinitiv.

Shares of Progress Software surged more than 20 percent in extended trading after announcing it is acquiring private secure data file transfer company Ipswitch for $225 million in cash.

Progress Software’s first-quarter earnings were also released. Adjusted earnings per share during the quarter was 50 cents compared to 56 cents in the same quarter last year, a decrease of 11 percent. Revenue was $89.5 million during the quarter compared to $95.5 million in the same quarter last year, a decrease of 6 percent.

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