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AFTER-HOURS MOVERS: Kraft shares plummet after earnings miss, discloses SEC subpoena

Also moving after-hours on Thursday was Zillow, which announced CEO Spencer Rascoff will step down

Test tubes and drugs
Immune Design is a late-stage immunotherapy company

Shares of Kraft Heinz Co (NASDAQ:KHC) dropped sharply in after-hours trading after the company reported earnings that missed expectations, cut its dividend and revealed it received a subpoena from the Securities and Exchange Commission in October.

Kraft reported earnings per share of $0.84 cents on revenues of $6.89 billion, compared to analyst forecasts which were at $0.94 cents on revenues of $6.93 billion. The company also reported it was lowering its quarterly dividend to $0.40 and that the subpoena is in regards to an investigation into its accounting policies. 

Shares sank 20.7% in after-hours trade to $38.22.

Zillow Group (NASDAQ:ZG) shares fell 8% in after-hours trading, but made up those losses and more, up as much as 8% after the online real estate company said its CEO Spencer Rascoff will step down. The company named Rich Barton, its co-founder and executive chairman, as its new CEO.

Shares were up 5.8% at $37.08. 

Telsa Inc (NASDAQ:TSLA) saw its shares brake hard after Consumer Reports pulled its recommendation for the flagship Model 3, the company's first attempt to produce a mass-market electric vehicle (EV). The report cited problems including body hardware, paint and trim as identified in its annual reliability survey of members. A Tesla representative told CNBC in response to the report that the "vast majority of the issues have already been corrected." Another report on CNBC cited customer complaints of delayed refunds and botched returns, further punishing the stock.

The shares closed 3.7% lower to $291.23, dipping below last night's close above $300. In after-hours trade, shares recovered, up 0.4% at $292.40. 

Shares of Avis Budget Group Inc (NASDAQ:CAR) rose as it emerged that LSV Asset Management had increased its stake in the car rental giant by 35.2% during the fourth quarter. The fund owned 253,300 shares of the New Jersey firm's stock after buying an additional 65,900 shares during the three months. LSV Asset Management owned 0.33% of Avis Budget Group worth $5,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

The stock jumped 17.1% to $34.45.

Merck & Co Inc (NYSE:MRK), the US drugmaker, has revealed it will buy Immune Design Corp (NASDAQ:IMDZ), the cancer drug developer, for nearly $300 million. Merck will pay $5.85 in cash for each Immune Design share. "This acquisition builds upon Merck’s industry-leading programs that harness the power of the immune system to prevent and treat disease," said Dr Roger M. Perlmutter, president, Merck Research Laboratories. Immune Design is a late-stage immunotherapy firm focused on next-generation in-vivo approaches to enable the body's immune system to fight disease. The company's proprietary technologies are GLAAS and ZVex.

Immune Design shares quadrupled to $5.82 while Merck shares edged up slightly to $79.83.

Vipshop Holdings Ltd  (NYSE:VIPS), the Chinese e-commerce group, saw shares turn red as it missed estimates for its fourth quarter. Earnings per share for the three months came in at $0.15, which was $0.03 worse than the analysts' estimate of $0.18. Meanwhile, revenue for the quarter came in at $3.8 billion versus consensus of $3.96 billion.

The stock plummeted 13.8% to $6.30.

--Adds Tesla, updates share prices--

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