Stocks making the biggest moves after hours: Nike, Virgin Galactic, Wells Fargo and more

Check out the companies making headlines after the bell.

Virgin Galactic — Shares of the space travel company climbed 5% in extended trading after Virgin Galactic successfully completed its second glide flight test in New Mexico on Thursday. The company said it is now preparing for full rocket-powered test flights and expects to begin commercial operations this summer. Virgin Galactic also said it aims to be profitable by 2021.

Nike — The athletic apparel manufacturer’s stock dropped 3% in extended trading after the company released its fourth-quarter financial results. Nike reported a loss of 51 cents per share on revenue of $6.31 billion, while analysts estimated earnings of 7 cents per share on revenue of $7.32 billion, according to Refinitiv. The company said it had a year-over-year sales decline of 38%, as its business suffered amid store closures necessitated by the coronavirus pandemic. 

Facebook — The social media giant’s stock went down more than 1% in extended trading after Verizon said it was pulling advertising from Facebook and Instagram. Last week, six organizations, including the NAACP, called on companies to pull advertising from Facebook in July to “to show they will not support a company that puts profit over safety.” Ben & Jerry’s, REI and Patagonia have all paused ads on Facebook, and Verizon said it would not resume advertising until the social media platform “can create an acceptable solution that makes us comfortable.”

American Airlines — The airline saw its stock dip more than 1% after the closing bell. Airlines for America, a trade organization that represents American as well other major airlines, announced Thursday that its member carriers have pledged to refund tickets to passengers who have elevated temperatures and are denied flight boarding in the event that federal authorities mandate temperature checks at airports. United Airlines and JetBlue Airways, which also belong to the group, also saw their shares move in after-hours trading. Shares of United dropped about 1% while shares of JetBlue climbed 1%.

Wells Fargo — The bank’s stock tumbled 3% in extended trading after the Federal Reserve said Thursday that big banks will be required to suspend share buybacks and cap dividend payments at their current level for Q3 of 2020. The restrictions followed the Fed’s annual stress test, which the regulator said indicated that several banks could get uncomfortably close to minimum capital levels in scenarios tied to the coronavirus pandemic. The Fed also said it would only allow dividends to be paid based on a formula related to a bank’s recent earnings. Bank of America, Goldman Sachs and JPMorgan Chase also saw their shares fall after the announcement.

MGM Resorts — The casino operator’s stock fell 1% after the market closed. Casino stocks have faced pressure amid rising coronavirus cases in the U.S. Starting Friday, people in Las Vegas will have to start wearing masks in public after a new mandate from Nevada Gov. Steve Sisolak.