Here are some stock on the move in after hours trading Monday, including Fitbit (NYSE:FIT), Valeant (NYSE:VR) and Motorola (NYSE:MSI).
Fitbit (NYSE:FIT) shares are plummeting today as the company released its guidance for the current quarter. The stock is down more than 15% in after hours trading as Fitbit forecasted revenue of $420 million to $440 million, with adjusted earnings per share expected to be between zero and two cents. The Silicon Valley company’s smartwatches are not as hot as expected due to the rise of Apple Watch and other competition. This news comes despite the fact that the company’s fourth-quarter earnings exceeded expectations, with its 35 cents per share well above the consensus estimate of 25 cents per share.
Valeant Pharmaceuticals (NYSE:VRX) stock is down 7.46% in after hours trading as the company said it may restate earnings due to findings on an internal investigation into its business. The Canadian company has been hit hard with its market value falling by more than $6 billion since last Thursday. Wells Fargo analyst David Maris covered VRX stock with an “underperform” rating, citing poor decisions by the Valeant board and management that put the business at risk, as well as questions about its liquidity. Price hikes on some of its drugs led to a drug probe by the U.S. Senate, prompting CEO Michael Pearson to promise minimal price increases on its products this year. Valeant will report fourth-quarter results by Monday unless the company files for an extension.
Motorola Solutions Inc (NYSE:MSI) stock is up 1.89% in after hours trading after the company posted its 2015 fourth-quarter results. The Illinois-based telecommunications company reported earnings of $1.58 per share, surpassing the consensus estimate of $1.42 per share. Lower operating expenses helped MSI earnings climb by 26%. Motorola posted revenue of $1.7 billion for the quarter, exceeding analysts’ guidance of $1.67 billion. Motorola projects that its 2016 full-year earnings will stand between $4.45 per share to $4.65 per share, easily beating the Wall Street estimate of $3.85 per share. Revenue is expected to grow by 5% to 7% year-over-year. The company experienced growth in North America and saved more than $200 million in structural cost savings.
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