Stocks making the biggest moves after hours: FedEx, Facebook, Virgin Galactic and more

Check out the companies making headlines after the bell.

FedEx — The shipping company’s stock climbed 9% after the closing bell following its release of fourth-quarter earnings. The shipping company reported earnings of $2.53 per share on revenues of $17.36 billion, beating analysts’ estimates of $1.52 per share on revenues of $16.4 billion, according to Refinitiv. The company reported a $125 million increase in coronavirus-related operating costs. Shares of UPS jumped 5% after the market closed.

Facebook — The social media giant’s stock dipped about 1% in extended trading after Target announced it was suspending advertising on Facebook and Instagram for the month of July, according to a statement the retailer gave to NBC News. Target said it was going to use the pause to reevaluate its advertising plans for the rest of the year. The retailer joins a growing list of companies that have chosen to join the “#StopHateForProfit” campaign. In pausing their advertising on the social media platform, the companies are hoping to pressure Facebook into doing more to curb hate speech and the spread of disinformation. Facebook announced Tuesday that it was banning an anti-government network based in the U.S. that looks to promote violence through the boogaloo movement. The company said it removed numerous Facebook accounts, pages and groups, as well as Instagram accounts associated with the boogaloo network.

Virgin Galactic — Shares of the space travel company rose 3% after the closing bell. Virgin Galactic told CNBC Tuesday that it expects to pass the remaining Federal Aviation Administration milestones needed for final regulatory approval to conduct regular spaceflights after it completes one or two more rocket-powered test flights. Getting that approval would bring the company closer to flying out customers to the edge of space.

Inovio Pharmaceuticals — Shares of Inovio Pharmaceuticals fell about 1% in extended hours after dropping nearly 15% earlier in the day. Medical news site Stat reported earlier Tuesday that the company has not provided data necessary to determine whether its coronavirus vaccine works. Inovio claimed positive results in its clinical trial in a press release Tuesday morning but has not disclosed how many patients produced Covid-19 antibodies, according to Stat.