Ines Ferré

These are the stocks moving after the bell on Tuesday, December 20, 2022:

Nike (NKE)

Nike shares rose as much as 6.5% late Tuesday after the company’s second quarter revenue came in above expectations.

The sports apparel giant’s revenue grew 17% year-over-year to $13.32 billion against expectations for $12.6 billion. Adjusted earnings per share came in at 44 cents, below Wall Street consensus estimates for 60 cents.

Inventories of $9.3 billion were up 43% year-over-year. Price cuts to get rid of excess inventory impacted profitability. Nike’s gross margin fell by 300 basis points to 42.9%, though it beat Wall Street estimates of 41.1%.

FedEx (FDX)

FedEx shares were up more than 3.5% in extended trading after announcing more aggressive cost saving efforts.

The company said it has identified an additional $1 billion in savings beyond the forecast it gave in September as part of its “ongoing transformation while navigating a weaker demand environment,” said CEO Raj Subramaniam.

In September, FedEx’s stock cratered 21% in one session after its results showed an 11% year-over-year decline in global package and freight volume. The company laid out the bold cost cutting plan in response.

FedEx did offer full-year profit guidance of $13-14 per share, which missed Wall Street expectations for $14.14. The package delivery company posted second quarter adjusted earnings per share of $3.18 versus $2.80 expected by analysts.

Workday (WDAY)

An executive shakeup at Workday is sending the stock lower about 2% in after-hours. The cloud-based software vendor announced Chano Fernandez has stepped down as co-CEO. Carl Eschenbach has been appointed to the position effective immediately.

Eschenbach will lead alongside co-CEO Aneel Bhusri through January 2024. At that time, Eschenbach will become the sole CEO and Aneel will move into a full-time position as executive chair of the board.

Year-to-date Workday is down 34%.

Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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