A man watches GameStop on 6th Avenue in New York on February 25, 2021.
John Smith | Corbis News | Getty Images
Check out the companies that hit the headlines on Tuesday after the bell:
GameStop – The video game retailer’s shares fell 11.9% after the company posted disappointing fourth quarter results. GameStop recorded earnings per share of $ 1.34 on sales of $ 2.12 billion. Analysts polled by Refinitiv forecast earnings per share of $ 1.35 on sales of $ 2.21 billion. The company added it was considering selling shares to fund the transformation.
Intel – The chipmaker’s shares rose 4.1% after the company announced it would spend $ 20 billion to build two major chipmakers in Arizona. Intel also said it will act as a manufacturing partner for chipmakers who focus on semiconductor design but cannot make the chips themselves.
Steelcase – The furniture company’s stock fell 3.9% after the company issued a weaker-than-expected forecast for the first quarter. Steelcase expects first quarter sales between $ 540 million and $ 570 million. That’s below a FactSet estimate of $ 579.9 million. The company also expects losses of between 34 cents per share and 27 cents per share. Analysts had forecast a loss of 10 cents per share. The disappointing forecast overshadowed the publication of better-than-expected results for the fourth quarter.
Adobe – The computer software company’s stock also fell less than 1% after the first quarterly earnings release, which beat Wall Street’s expectations. Adobe had earnings per share of $ 3.14 on sales of $ 3.91 billion. Analysts polled by Refinitiv expected earnings of $ 2.78 per share on sales of $ 3.76 billion.