After-Hours Recap: Energy XXI, Seagate & More

Even though oil and gold prices tumbled on Wednesday, markets driven by surprisingly positive Chinese international trade data and a U.S. stronger dollar.

The S&P 500 Index rose 1 percent. Bank stocks also posted gains on the back of JPMorgan Chase & Co. JPM’s earnings call.

The Dow Jones Industrial Average gained 1.06 percent. Among the largest gainers were JPMorgan, up 4.23 percent, and Caterpillar Inc. CAT, up 3.98 percent.

The Nasdaq 100 Index rose 1.55 percent, helped by Micron, JD.Com Inc(ADR) JD’s 5.27 percent gain, and Activision Blizzard, Inc. ATVI 5.02 percent surge.

Reynolds American, Inc. RAI tumbled 4.12 percent. According to Wells Fargo, the decline was driven by concerns about “potential headline risk from the long overdue final deeming e-cig regulations which are rumored to be released imminently.”

Earnings

After the market closed, Pier 1 Imports Inc PIR reported fourth quarter EPS of $0.23, $0.02 above consensus. Revenue of $542.3 million also beats estimates, by $15.54 million. Shares were trading down more than 2.7 percent in the after-hours session.

JPMorgan posted earnings of $1.35 per share, $0.09 ahead of consensus, on revenue of $24.08 billion, which also came in $680 million above estimates.

After-Hours Movers

Shares of Seagate Technology PLC STX were down approximately 3.25 percent in Wednesday’s after-hours session, following the announcement of selected preliminary financial information for its fiscal third quarter of 2016. The company expects revenue of approximately $2.6 billion (down from a previous forecast of $2.7 billion) and non-GAAP gross margin of approximately 23 percent -- down from a previous outlook of 25.6 percent.

Energy XXI Ltd EXXI lost almost 50 percent after Bloomberg reported the company is “preparing to file for bankruptcy protection as soon as a grace period for missed interest payments expires Thursday.”

Other stocks moving after-hours included:

• Ctrip.com International, Ltd. (ADR) CTRP, down about 17 percent
• Pattern Energy Group Inc PEGI, up 9.3 percent
• Customers Bancorp Inc CUBI, up about 8 percent
• Fly Leasing Ltd(ADR) FLY, down roughly 7.6 percent
• TASER International, Inc. TASR, down 3.2 percent
• Wynn Resorts, Limited WYNN, up almost 2.9 percent
• Crocs, Inc. CROX, up 2.65 percent
• ExOne Co XONE, down 2.2 percent

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.