Gainers
Shares of Limelight Networks, Inc. (NASDAQ: LLNW) traded up almost 11 percent in Wednesday’s after-hours session,
following the announcement of its third-quarter results. Earnings of 2 cents per share beat expectations, while revenue of
$46.07 million came in $2.98 million ahead of estimates.
Adobe Systems Incorporated (NASDAQ: ADBE) gained more than 7 percent after the company said it expects estimate-beating
fiscal 2018 results. EPS are forecast at $5.50 per share vs. estimates of $5.21 per share.
Conatus Pharmaceuticals Inc (NASDAQ: CNAT) was up nearly 7 percent, driven by the European Medicines Agency’s
designation of its IDN-7314 as an Orphan Drug for the treatment of primary sclerosing cholangitis (PSC).
Liberty Global plc - Class A Ordinary Shares (NASDAQ: LILA) spiked 3.4 percent in what seemed like a correction of the 6.6 percent tumble
the stock experienced since Monday.
Verastem Inc (NASDAQ: VSTM) moved 5.6
percent to $4.12, in what also seemed like a correction of the 6 percent tumble seen during the day.
Losers
Earthstone Energy Inc (NYSE: ESTE) posted
after-hours losses of 7.5 percent on the back of an operations update.
eBay Inc (NASDAQ: EBAY) slipped 5.2
percent on weak guidance. While third quarter EPS of 48 cents was in line with estimates and revenue of $2.41 billion beat by $40
million, EPS guidance for the full year came in at $1.99 to $2.01, below the $2.02 consensus.
Pattern Energy Group Inc (NASDAQ: PEGI)
traded down 4.3 percent on the announcement of an 8 million common shares public offering.
Kamada Ltd (NASDAQ: KMDA) also tumbled
3.65 percent on what seemed to be no particular news.
BlueLinx Holdings Inc. (NYSE: BXC) lost 3.7
percent, adding to a large downtrend that commenced last week after the announcement of a 3.86 million shares offering.
After-hours price action occurs in an environment where fewer traders are participating in price discovery. Amid this lack
of activity and liquidity in certain stocks, experienced traders will sometimes attempt to manipulate sentiment by placing an order
at a price markedly different than a stock's closing price or last price.
It's conceivable less savvy investors could see this price action, assume the sharply higher or lower indication is a signal
of news, buy or sell the stock, and ask questions later. This is one reason after-hours price action can sometimes evaporate by the
next day's morning trading session (i.e. there is no news -- just trading activity).
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