Sarepta, T-Mobile Make Moves After-Hours Following Earnings Results

We're officially in the doldrums of summer with some of the lowest volatility in over a decade, yet the market continues to hit new record highs.

Wednesday's after-hours session saw a host of big names release earnings.

T-Mobile US Inc TMUS reported a second-quarter sales beat of $10.2 billion, beating analyst estimates by $390 million. Earnings came in at 67 cents per share. Net additions in the second quarter were 1.3 million and the telecom provider raised its FY17 EBITDA outlook from $10.4-10.8 billion to $10.5-$10.9 billion. Shares were up over 3 percent after hours.

QUALCOMM, Inc. QCOM reported a 40 percent profit slump as it remains embroiled in a patent battle with Apple Inc AAPL. The company delivered Q3 adj. EPS of 83 cents beating estimates by 2 cents. Qualcomm managed to beat sales estimates by $140 million with revenues of $5.4 billion. Fourth quarter earnings forecasted in the 75-85 cents range against a 90-cent estimate. Shares were trading down over 2 percent after hours.

Alcoa Corp AA shares were down over 2 percent after reporting a sizeable second quarter sales miss of $527 million, with $2.323 billion in revenues. Second-quarter earnings came in at 62 cents per share, beating estimates by 2 cents. The company raised its FY17 forecast for global aluminum demand growth from 4.5-5 percent to 4.75-5.25 percent.

American Express Company AXP briefly hit a 52-week high after releasing a second-quarter earnings beat, with EPS coming in at $1.47, topping estimates by 3 cents. Sales came in $100 million higher than estimates at $8.3 billion. The company said it's confident it will remove $1B from its cost base on run rate basis by the years end.

Sarepta Therapeutics Inc SRPT soared 15 percent after it delivered a smaller-than-expected earnings miss. EPS came in at a loss of 46 cents, beating estimates by 45 cents. Sales came in at $35 million, beating estimates by $12.6 million. Management raised FY17 sales outlook to $125-130 million.