Stocks making the biggest moves after hours: Nikola, Spotify, Hertz and more

Check out the companies making headlines after the bell.

Hertz — Shares of the car rental company whipsawed and fell 4% in extended trading after the company announced Wednesday that it had suspended its plan to sell up to $500 million in stock amid its Chapter 11 bankruptcy proceedings. The SEC had expressed concern about the stock offering and initiated a review of the stock sale plan. Trading in Hertz shares halted earlier on Wednesday ahead of the company’s announcement before resuming around 3:30 p.m. ET. 

Groupon — The e-commerce marketplace’s stock climbed 4% after the market closed. The Commerce Department reported Tuesday that retail sales had increased 17.7% in May, signaling that the troubled industry is rebounding amid the coronavirus pandemic. Groupon works extensively with local retailers. The company’s stock is down 54% so far this year.

Nikola — The hybrid truck manufacturer’s stock whipsawed and fell 2% after the closing bell. Bloomberg reported Wednesday that company founder Trevor Milton exaggerated the capability of Nikola’s debut vehicle in 2016. Milton suggested during the unveiling of the company’s prototype that the Nikola One truck was drivable even though it wasn’t, according to the report. Milton refuted the Bloomberg article on Twitter.

DISH Network — The television provider’s stock rose about 1% in after-hours trading. DISH Network is set to close on a deal with T-Mobile, according to an SEC filing. T-Mobile, which recently merged with Sprint, is selling Sprint’s prepaid business to DISH. 

Spotify — Shares of the music streaming platform rose 1% in extended trading after news of Kim Kardashian West landing an exclusive podcast deal with the company, according to the Wall Street Journal. Kardashian West’s podcast will focus on her work with the Innocence Project, a nonprofit legal organization that works to exonerate people who were wrongfully convicted, the publication reported. The deal with Kardashian West is Spotify’s latest push into other kinds of content. Last month it struck a licensing deal worth more than $100 million for Joe Rogan’s podcast, the Journal reported. Spotify’s stock set a 52-week high on Wednesday.

American Airlines – Shares of American Airlines dropped 1% in after-hours trading. The company and other airlines, including United, Delta and Southwest fell Wednesday in regular trading after leading the market higher in recent weeks. Southwest Airlines said on Wednesday that it has enough cash for the next two years, up from its previous forecast of 20 months, due to travel demand gradually picking up.