Stocks with the biggest movements after hours: Square, Alcoa and more

Find out which companies are hitting the headlines after the bell:

Square – Square shares rose nearly 1% in after-hours trading after CEO Jack Dorsey ad the digital payment company will create an open source development platform focused on bitcoin. Dorsey said the platform will “have the sole purpose of facilitating the creation of non-depository, unlicensed and decentralized financial services.”

Alcoa – The global aluminum producer saw its equity rise 0.9% after posting better-than-expected profits in the second quarter. Alcoa posted adjusted earnings of $ 1.49 per share, beating Wall Street’s estimate of $ 1.29 per share, according to FactSet. The company also reported revenue of $ 2.83 billion against analysts’ projection of $ 2.65 billion.

Moderna – Shares of the pharmaceutical company jumped 8% in extended trading after it was announced to be added to the S&P 500, replacing Alexion Pharmaceuticals. Moderna joins the index before the markets open on July 21, according to the S&P Dow Jones indices. AstraZeneca acquires Alexion, according to the press release announcing the change of index.

American Outdoor Brands – Shares of American Outdoor Brands fell about 12% after the outdoor equipment supplier reported fourth-quarter sales below analyst expectations, according to Factset. Earnings per share, however, exceeded estimates.

Valero Energy – Shares of the power producer edged up after-hours after the company’s board of directors declared a regular quarterly cash dividend of 98 cents per share. Valero, which operates 15 oil refineries, saw its inventory climb 18% in 2021 amid pent-up demand for travel and oil.