Stocks making the biggest moves after hours: American Airlines, Microchip Technology, Pier 1 & more

Market Insider

Maintenance workers cover the engine of an American Airlines Group Boeing 737 Max plane at Tulsa International Airport (TUL) in Tulsa, Oklahoma, May 14, 2019.

Patrick T. Fallon | Bloomberg | Getty Images

Check out the companies making headlines after the bell.

Microchip Technology — Shares of Microchip rose over 4% after releasing updated guidance that put projected sales near the top of its previous range. The company now expects sales to be between $1.281 billion and $1.288 billion. Microchip’s previous guidance ranged from $1.244 billion to $1.298 billion. CEO Steve Sanghi said the company viewed the latest quarter as the bottom of a downturn and he expected revenue to grow in 2020.

Texas Instruments — Shares of the semiconductor company rose about 2% in extended trading after fellow chipmaker Microchip released updated guidance and express confidence about the industry in 2020. The companies both produce analog chips and microcontrollers.

American Airlines — Shares of American Airlines rose about 0.5% after hours on Monday following an announcement that it had agreed to a deal with Boeing regarding compensation from the grounding of the 737 Max. The total amount was not disclosed, but American said it would add $30 million to an employee profit-sharing program. Shares of Boeing were nearly flat after the announcement.

Pier 1 — The struggling retailer’s stock was down 6% after it announced that it was closing 450 stores, nearly half of its total. The company announced a loss of $14.15 per share for its third quarter. The company now has a market cap of around $22 million.

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