Intelsat 35e
Source: Intelsat
Check out the companies making headlines after the bell:
Shares of Intelsat SA slid nearly 2% during extended trading after the Federal Communications Commission announced it will publicly auction off a portion of its C-band spectrum wavelength in place of 5G wireless networks. Intelsat, along with three other satellite operators, provides C-band services for roughly 120 million households. The company’s shares took a nosedive of more than 40% during midday trading on the announcement, while its shares are down roughly 62% year to date.
Shares of AMC Entertainment popped 5% after the bell following reports that the Justice Department is seeking to scrap decades-old “Paramount” consent decrees that were enacted in the ’40s and ’50s to protect movie theaters from studios. Makan Delrahim, head of the Justice Department’s Antitrust Division, said he would ask for a two-year sunset window as a “period of transition to adjust to any licensing proposals.” AMC’s shares reached a new year-to-date low of $8.22 during midday trading.
Shares of Alliance Data Systems rose and then fell after the data-driven marketing company announced that Ralph Andretta will take the helm as president and CEO on February 3, 2020. Andretta previously served as Citigroup’s managing director and head of U.S. cards business. Alliance also added that their latest guidance remains unchanged.
Shares of ServiceNow jumped 4% after the announcement that the cloud-based services company will replace Celgene on the S&P 500 before the opening of trade on Thursday. Thermo Fisher Scientific, meanwhile, will replace Celgene on the S&P 100. Both those companies’ shares remained unchanged during extended trading. Bristol-Myers Squibb is in the process of finalizing an acquisition of Celgene.
Separately, Servicenow also announced that Gina Mastantuono will join the company as CFO on January 13, 2020. Mastantuono previously served as CFO of Ingram Micro.
Reuters contributed to this report