Safeway shares rise, Gap drops after hours
SAN FRANCISCO (MarketWatch) - Safeway Inc. shares rose in the extended session Thursday after the supermarket operator reported quarterly results that topped Wall Street estimates and said it was exiting the Chicago market.
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Shares of Safeway /quotes/zigman/240303 /quotes/nls/swy SWY +2.50% rose 4.7% to $33.05 in heavy volume after the company reported third-quarter earnings of 27 cents a share on revenue of $8.62 billion. Analysts surveyed by FactSet estimated 16 cents a share on revenue of $8.52 billion. Safeway also said it would get a tax benefit of $400 million to $450 million by exiting its 72 Dominick's stores in the Chicago area.
Gap Inc. /quotes/zigman/227242 /quotes/nls/gps GPS +0.51% shares dropped 4.7% to $37.83 in heavy volume after the clothing retailer's September comparable sales fell short of analyst estimates. Gap said September comparable sales declined 3% versus a gain of 3% last year. Analysts surveyed by Thomson Reuters expected a gain of 1.6%.
Shares of Micron Technology Inc. /quotes/zigman/75433 /quotes/nls/mu MU +1.54% fell 2.1% to $18.06 on heavy volume after the chip maker's quarterly earnings.
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