Brendan McDermid | Reuters
Bin Li, CEO of Chinese electric vehicle start-up NIO Inc., celebrates after ringing a bell as NIO stock begins trading on the floor of the New York Stock Exchange (NYSE) during the company’s initial public offering (IPO) at the NYSE in New York, September 12, 2018.
Check out the companies making headlines after the bell:
Nio shares jumped more than 9 percent in after-hours trading, continuing the electric vehicle company’s 22 percent gain during the trading day. On Tuesday, investment management firm Baillie Gifford & Co. disclosed that it owns 85.3 million shares of Nio, an 11 percent stake in the company. Baillie Gifford & Co. is the also largest investor in Tesla after Elon Musk.
PPG Industries shares rose more than 5 percent in the extended session following a report that Nelson Peltz’s Trian Fund Management has taken a 2.9 percent stake in the company worth $690 million. Shares closed down 10 percent after the company warned investors that its upcoming quarterly earnings numbers will take a hit due to softening demand and rising materials costs.
International Paper stock rose 1 percent in the extended session after the company announced it was increasing its quarterly stock dividend by 5.3 percent. The increase brings the dividend to $2 annually.