Check out the companies making headlines after hours on Tuesday:
Gap Inc. — Stock of the clothing retailer was up more than 4% in extended trading after the company announced it no longer planned to spin-off Old Navy into a separately traded public company. “The cost and complexity of splitting into two companies, combined with softer business performance, limited our ability to create appropriate value from separation,” said interim CEO Robert Fisher in a statement. The company also announced that Neil Fiske, president and CEO of the Gap brand, is departing.
CSX — Shares of the transportation company were down more than 3% in extended trading after CSX reported quarterly revenues of $2.89 billion, which missed analysts’ estimates of $2.92 billion. The company’s earnings, however, came in at 99 cents per share. That beat analysts estimates and was up from earnings of $1.01 per share in the same quarter a year ago.
Progress Software — The software developer’s shares were up more than 9% in extended trading after the company reported a 19% increase in quarterly revenue to $117 million. The company also announced the appointment of a new chief financial officer and said its current CFO is retiring.
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