SAN FRANCISCO (MarketWatch) — Shares of Sprint and Netflix extended losses in Monday’s after-hours session following their dramatic moves during regular trading hours.
Sprint Nextel /quotes/zigman/240259/quotes/nls/s S -0.90% , which closed down 8.3%, shed 0.5% in late trading Monday. Sprint took a big hit after several analysts downgraded the stock, citing iPhone financing pressures and operational risks. See latest news on Sprint
Shares of Netflix /quotes/zigman/87598/quotes/nls/nflx NFLX -0.33% abandoned a sharp rebound during the daytime session and lost another 0.3% in the after hours. Netflix had surged Monday in response to a company announcement that it was scrapping plans to separate its DVD-rental and video-streaming businesses but failed to hold on to gains.
Netflix had been losing subscribers after it enacted a price hike and announced that customers would need to go to separate sites to rent DVDs and stream videos once the separation was completed. Read MarketWatch’s coverage of Netflix
Shares of Alcoa /quotes/zigman/246295/quotes/nls/aa AA +0.30% , which is scheduled to report quarterly results Tuesday, edged up 0.2% Monday evening. Analysts projected the aluminum company to report third-quarter earnings of 23 cents a share, according to a FactSet survey.
U.S. stocks rallied Monday on growing optimism over the European and global economies as France and Germany pledged to support Europe’s banks in an effort to resolve the region’s debt crisis.
The Dow Jones Industrial Average /quotes/zigman/627449/delayed DJIA +2.97% jumped 330.06 points, or 2.97%, to 11,433.18, its biggest one-day gain since Aug. 11. The Standard & Poor’s 500 Index /quotes/zigman/3870025 SPX +3.41% added 3.4% to 1,194.89, while the Nasdaq Composite Index /quotes/zigman/123127 COMP +3.50% rose 3.5% to 2,566.05.
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