Stocks making the biggest moves after hours: IBM, Seagate, Ford & more
Pedestrians walk in front of the IBM building in New York.
Scott Mlyn | CNBC
Check out the companies making headlines after the bell:
IBM — Shares of IBM fell more than 6% in the extended session after the company reported fourth-quarter sales below where analysts were expecting. Revenue fell 6% on an annualized basis, the fourth consecutive quarter of declines, according to a statement.
Ford — Shares of the American automaker dropped 2.2% after the company said in a government filing that it will be conducting a field service action to replace Takata airbag inflators in certain vehicles from model years 2006 to 2012. The company says it expects the action to impact about 2.7 vehicles in the U.S.
CSX Corp. — CSX dropped 0.25% on headline earnings results that topped analyst expectations, but a closer look at the figures showed that the the railroad cuts costs faster than revenue declined. Revenue of $2.83 billion beat expectations, though investors are closely watching its guidance for the rest of the year.
Seagate Technology — Seagate stock dropped 4.6% despite reporting fiscal second-quarter profit and sales ahead of expectations and guidance for the third quarter about in line with estimates. Seagate said it experienced “broad-based improvement” and “solid customer demand” for its products.