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Stocks making the biggest moves after hours: Tesla, Overstock & more

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An employee scans an order in the shipping area at the Overstock.com distribution center in Salt Lake City, Utah.

Ken James | Bloomberg | Getty Images

An employee scans an order in the shipping area at the Overstock.com distribution center in Salt Lake City, Utah.

Check out the companies making headlines after the bell:

Tesla‘s stock rose more than 3 percent during after-hours trading after a CNBC report that the Tesla board plans to tell Elon Musk to recuse himself from a board review of his proposal to take the company private. Sources familiar with the matter said the electric car maker’s board of directors plans to meet with financial advisors next week to explore a buyout, an idea that Musk announced on Twitter earlier this week. The board has already told Musk that he needs his own advisors.

Overstock shares skyrocketed as much as 21 percent in the extended session after the company announced that private equity firm GSR Capital will buy up to 3.1 million shares of its stock as part of a larger deal. The Hong Kong-based firm will invest up to $374.55 million in both Overstock and its blockchain subsidiary tZero. It also will buy $30 million of tZero’s tokens from Overstock.

Dropbox‘s stock plummeted more than 7 percent in the extended session after the the company announced that its COO Dennis Woodside is stepping down. Dropbox is not naming Woodside’s successor, but will promote two executives internally.

News of Woodside’s departure eclipsed the company’s strong second-quarter results. Dropbox earned 11 cents per share for the quarter, up 5 cents from Wall Street estimates of 6 cents per share. It also beat revenue estimates, reporting $339 million in revenues versus the $331 million expected by analysts.

Lions Gate shares climbed 5 percent during after-hours trading following an earnings and revenue beat for its second quarter, but the company’s stock later gave up those gains. The entertainment company reported a smaller-than-expected loss of 4 cents per share, versus the 7 cents per share loss expected by Wall Street. It also beat estimates for revenue, reporting $933 million in sales against the $885 million estimated by analysts.

Universal Display Corporation‘s stock soared more than 8 percent in the extended session after the release of its second quarter results. The lighting and display company beat top and bottom line estimates, reporting earnings of 23 cents per share and revenues of $56.1 million. Wall Street estimated that Universal Display would report 15 cents per share and revenues of $49.6 million.



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Global stock market sell-off not an isolated event

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A trader works at the New York Stock Exchange in New York, the United States, Dec. 4, 2018. 

Xinhua News Agency | Getty Images

A trader works at the New York Stock Exchange in New York, the United States, Dec. 4, 2018. 

The latest wave of heavy selling in financial markets is a clear sign of things to come, according to a new report from the world’s oldest international financial organization.

The Bank of International Settlements (BIS), an umbrella group for the world’s central banks, warned on Sunday that a normalization of monetary policy is likely to trigger a flurry of sharp sell-offs over the coming months.

“The market tensions we saw during this quarter were not an isolated event,” Claudio Borio, head of the monetary and economic department at the BIS, said in the report.

“Monetary policy normalization was bound to be challenging, especially in light of trade tensions and political uncertainty,” Borio added.



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Fed is missing critical inflation trend, economic forecaster worries

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A veteran economic forecaster is worried the Federal Reserve and Wall Street are looking at inflation all wrong.

According to Economic Cycle Research Institute co-founder Lakshman Achuthan, they’re largely missing a critical economic trend that shows inflation is in a downturn.

“Inflation is cyclical, and I don’t think everybody really understands that — in particular, the Fed and a lot of market participants,” he said Wednesday on CNBC’s “Trading Nation.” “They’re looking at the level of inflation, and it’s generally up there around near target. But what’s really important is the direction.”

Achuthan highlighted a chart as evidence the inflation cycle is rolling over. He believes it could have market-moving consequences because it could affect the Federal Reserve’s interest rate policy.

“This is just a couple years of inflation cycles here,” he said. “We have PPI growth now and CPI growth both sitting at around 10 and 11 month lows. It’s not simply about oil. The peak in these things happened back in July.”

Achuthan, a self-proclaimed former super bull, has been bearish this year. On “Trading Nation” last April, he turned sour on economic growth because leading indicators were pointing to a slowdown that was picking up momentum.

For Achuthan to become bullish again, he said two things need to happen: The Fed must become more aware of the inflation downturn and leading growth indicators must turn up. The Fed meets on Tuesday and Wednesday to decide whether to raise rates for the fourth time this year.

“With inflation ticking lower, they should consider stopping. But fixated on a 49-year low in the jobless rate and a 9 ½-year high in wage growth, it’s not clear that they will stop just yet,” Achuthan told CNBC by email.



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Harvard professor Roland Fryer faces reports of sexual harassment

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Harvard University professor Roland Fryer speaks at the Clinton Global Initiative in New York on Sept. 25, 2008.

Ramin Talaie | Corbis Historical | Getty Images

Harvard University professor Roland Fryer speaks at the Clinton Global Initiative in New York on Sept. 25, 2008.

A prominent Harvard University economics professor is being investigated for sexual harassment, according to a new report.

Roland G. Fryer Jr., a 2011 MacArthur “Genius” fellowship recipient, is the one of the latest powerful men to get flagged amid the #MeToo movement, which took hold last year. More than 200 men have lost their jobs or major roles as a result, the New York Times said in October.

A Harvard investigator found that Fryer was involved in “unwelcome conduct of a sexual nature” with four women who worked at Fryer’s research lab, the New York Times reported on Friday. The investigator learned that one person who made an accusation about Fryer took disability leave in response to Fryer’s behavior, according to the report.

Allegations about Fryer came to light earlier this year but Friday’s New York Times article provides new details.

One woman who worked in the lab reportedly said that Fryer regularly made inappropriate comments about women, but that his reputation for being vindictive made it difficult for people to speak up. And two women told the investigator they disapproved of how Fryer had put his crotch in the face of a woman at the lab by placing his foot on her desk, the article said.

Read the full article here.



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