Stocks making the biggest moves after hours: Dell, VMware, La-Z-Boy and more

Check out the companies making headlines after the bell.

Dell Technologies, VMware — Shares of Dell Technologies and VMware spiked 18% and 10% respectively in after-hours trading on a report that Dell is looking at options for its $50 billion stake in the information technology company. The options include spinning off its 81% stake or buying the rest of VMware, according to the Journal.

La-Z-Boy — The furniture manufacturer’s stock whipsawed in extended trading after La-Z-Boy reported fourth-quarter earnings. The company reported earnings of 49 cents per share excluding some items on revenue of $367 million, while analysts estimated 20 cents per share on revenue of $385 million, according to Refinitiv. La-Z-Boy is also permanently closing its Newton, Miss. manufacturing facility and reducing its global workforce by approximately 10%, according to a company statement.

Carnival — The cruise operator’s stock dipped 1% after the closing bell. Carnival was reduced to junk status by S&P Global Ratings, which downgraded the company’s credit rating from BBB- to BB-. “We expect Carnival’s credit measures to remain very weak through 2021 because of its plans for a gradual reintroduction of capacity and our forecast for continued weak demand,” S&P said in a statement. The agency warned that Carnival remains on credit watch and could be downgraded again. Norwegian Cruise Line and Royal Caribbean Cruises also saw their shares fall 1% in after-hours trading.

DraftKings — DraftKings’ stock climbed 1% in extended trading. Earlier Tuesday, the sports betting company announced the launch of a standalone mobile casino app in New Jersey, which will include new games exclusive to DraftKings as well as updated classics such as blackjack and roulette.

Beyond Meat — The meat substitute maker’s stock dipped about 1% in extended trading. Earlier on Tuesday, Starbucks launched a new breakfast sandwich made with plant-based sausage from Impossible Foods, Beyond Meat’s competitor. The Impossible Breakfast Sandwich is now available on most Starbucks menus in the U.S.