Stocks making the biggest moves after hours: MGM Resorts, Tencent Music, Amazon and more

Check out the companies making headlines after the bell.

MGM Resorts International — Shares of the resort company were up 5% after the bell, despite a planned shutdown of its Las Vegas casino operations for Monday evening. MGM Resorts announced Sunday that it is temporarily ceasing casino and hotel operations at its Las Vegas properties because of the coronavirus. “This is a time of uncertainty across our country and the globe and we must all do our part to curtail the spread of this virus,” said Jim Murren, Chairman and CEO of MGM Resorts. 

Tencent Music — The music streaming service saw shares climbed 2% in extended trading after the company reported fourth-quarter earnings. Tencent Music reported revenue of $1.05 billion, while analysts polled by FactSet expected $1.01 billion. The company’s reported earnings were in line with analysts’ expectations at 9 cents per share, according to FactSet. Tencent Music also said in a statement that online music paying users grew 47.8% year-over-year to 39.9 million.

American Airlines Group Inc — The airline’s stock dipped about 1% in extended trading. It was reported Monday that U.S. airlines are seeking more than $50 billion in government aid because of the impact of the coronavirus on air travel. If granted, the aid would be the industry’s largest bailout ever and the first since 9/11. President Donald Trump said Monday that the U.S. would be backstopping the airlines. “We’re going to back the airlines 100% − it’s not their fault,” he said. 

Amazon — The e-commerce giant’s stock was up 2% after the bell. The company announced Monday that it is hiring 100,000 people “to meet the surge in demand from people relying on Amazon’s service during this stressful time,” according to a statement posted on the company’s blog. Amazon will also raise U.S. workers’ hourly wages by $2.00 through April. 

McDonald’s — Shares of the fast-food giant climbed about 1% during extended trading after the company announced it would close dining rooms across the U.S. amid the coronavirus outbreak. The fast-food giant plans to close the dining rooms in its company-owned locations. Customers will be able to order their food and drinks for takeout or delivery or via the drive-thru. McDonald’s owns about 5% of its roughly 14,000 U.S. restaurants. 

Newmont Corporation — The gold mining company’s stock climbed about 1% after the market closed. Gold, usually considered a safe bet during market sell-offs, fell below $1,500 last week, its lowest level since Nov. 27, amidst the global stock market plunge and the coronavirus pandemic. 

CNBC’s Amelia Lucas contributed to this report.

Source: https://www.cnbc.com/2020/03/16/stocks-making-the-biggest-moves-after-hours-mgm-resorts-tencent-music-amazon-and-more.html

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