Stocks making the biggest moves after hours: Adobe, FedEx, Nikola and more

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Check out the companies making headlines after the bell:

FedEx — Shares of the shipping company jumped more than 8% in extended trading after beating on the top and bottom lines of its stellar quarterly results. FedEx reported earnings of $4.87 per share on revenue of $19.32 billion. Analysts polled by Refinitiv expected earnings of $2.69 per share on revenue of $17.55 billion. A key metric for the company, margin, came in 2% higher than last year. FedEx did not provide any forward-looking guidance. Shares of UPS also ticked higher after hours on hopes the e-commerce boom is also benefiting its business. 

Adobe — Shares of the software company popped more than 4% after the bell on Tuesday after reporting better-than-expected earnings and revenue for the fiscal third quarter. Adobe reported earnings per share of $2.57, while analysts expected earnings of $2.41 per share, according to Refinitiv. Revenue came in at $3.23 billion, topping estimates of $3.16 billion. Fourth quarter guidance came in in line with estimates. 

Nikola — Shares of the electric truck company dipped more than 3% in extended trading on Tuesday following multiple reports that the Department of Justice has inquired with Nikola about some of the claims from Hindenburg Research. The firm is accusing Nikola of misleading investors about its business products. The stock fell 8% on Tuesday based on the Securities and Exchange Commission’s investigation of the same claims. 

Peloton — Shares of Peloton dipped slightly after the bell on Tuesday after Apple unveiled a new service that connects Apple Watch users to trainers. The new service, Fitness+, will provide a catalog of workout videos. 

Kohl’s — Shares of the department store company ticked slightly lower in after hours trading on Tuesday after announcing it will cut its corporate headcount by 15%. The newest move in its restructuring actions is expected to generate savings of $65 million annually.