Shares of General Motors Co. (NYSE:GM) popped 3.87 percent higher after the closing bell. Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRKA) disclosed in its latest 13-F filing that it purchased 10 million shares of the auto maker in the first-quarter. Berkshire (NYSE:BRKB) also disclosed a new position in Viacom Inc. (NYSE:VIA).
JC Penney Co. (NYSE:JCP) shares dropped 11 percent in late trading. The retailer reported a loss of $163 million (75 cents per share) in the first-quarter, compared to a net income of $64 million (28 cents per share) a year earlier. Revenues also declined 20.1 percent to $3.15 billion from a year earlier. “Sales and profitability have been tougher than anticipated during the first 13 weeks, but the transformation is ahead of schedule. Customers love the new JCP they discover in our stores. Our shop strategy has been applauded by vendor and design partners, our merchants have stepped up to the challenge of improving our merchandise and presentation, we have dramatically simplified our business model and reorganized our teams at headquarters and in our stores,” explained Ron Johnson, chief executive officer.
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SINA Corp. (NASDAQ:SINA) shares surged 9.52 percent late Tuesday. The company reported net income of $14.1 million (21 cents per share) for the first-quarter, compared to $15 million (23 cents per share) a year earlier. However, revenues increased 6 percent to $106.2 million, beating estimates of $102.6 million.
Shares of Expedia Inc. (NASDAQ:EXPE) climbed almost 1 percent higher in extended trading hours. David Einhorn’s Greenlight Capital revealed in its latest 13-F filing that it opened a new position in the online travel company during the first quarter. The hedge fund purchased 1 million shares of Expedia.
Despite reporting a loss for the first-quarter, A123 Systems, Inc. (NASDAQ:AONE) shares increased more than 4 percent after the closing bell. The company reported a loss of $125 million, compared to a loss of $53.6 million a year earlier. However, A123 has “retained an outside adviser to provide financial strategic advisory services in connection with our ongoing strategic efforts and evaluation of strategic alternatives,” David Vieau, chief executive officer, said today during a conference call, according to Bloomberg.
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