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An employee hands a customer their order at the drive-thru window of a Wendy’s restaurant in Peoria, Illinois.
Daniel Acker | Bloomberg | Getty Images
Check out the companies making headlines after the bell:
Wendy’s shares fell about 4% after the company slashed its 2019 forecast as it announced plans to roll out breakfast nationwide next year. The fast food restaurant chain said it plans to invest about $20 million in its U.S. locations ahead of the launch. Wendy’s said it now expects adjusted earnings per share to decline between 3.5% and 6.5% in 2019. It previously had forecast adjusted earnings per share growth between 3.5% to 7%.
Ford shares fell about 3% in extended trade after Moody’s downgraded the automaker’s debt rating to junk. The credit rating agency cited Ford’s “considerable operating and market challenges.” Moody’s said Ford’s restructuring plans are “expected to extend for several years with $11 billion in charges, and a cash cost of approximately $7 billion.” Ford, however, “does have a sound balance sheet and liquidity position from which to operate,” said Bruce Clark, senior vice president with Moody’s.
Shares of Mosaic rose 1% after the fertilizer company announced a buyback of up to $250 million. Mosaic also said it will trim its Louisiana phosphate production in a move to speed up inventory reduction. The company said it expects strong fertilizer application in North America this fall as well as a “more balanced global supply-and-demand picture” next year.