In company news, Blue Apron Holdings (APRN) dropped 14% after the meal-kit services company projected another net loss for its current Q3 ending Sept. 30, upstaging a surprise Q2 profit and better-than-expected revenue. It earned $0.08 per share during the three months ended June 30, reversing a $0.59 per share loss during the same quarter last year and beating the two-analyst consensus call expecting a $0.45 per share loss. Revenue increased 10% year-over-year to $131 million, also topping the Street view by $1 million.
Strategic Education (STRA) slumped more than 16% after the for-profit educator announced plans to acquire Laureate Education's (LAUR) academic operation in Australia and New Zealand for $642.7 million in cash, subject to potential adjustments. The proposed deal includes Torrens University Australia, that country's lone investor-funded university. Laureate shares were almost 18% higher in afternoon trade.
To the upside, L Brands (LB) climbed as much as 39% on Wednesday, touching a new 52-week high of $26.66 a share, after the retailer announced a company-wide restructuring effort expected to cut costs by around $400 million per year and position its Bath & Body Works and Victoria's Secret as separate, stand-alone companies. The company also said it expects to take a $75 million charge against its Q2 earnings after disclosing plans to cut around 850 home office jobs.
Shopify (SHOP) rose 6.5% after the Canadian e-commerce company reported big increases in its Q2 net income and revenue compared with year-ago levels and crushing Wall Street estimates for the three months ended June 30. Excluding one-time items, it earned $1.05 per share, up from $0.10 during the same period last year and beating the Capital IQ consensus for $0.02. Revenue grew 97.3% year-over-year to $714.3 million and exceeded the $511.6 million analyst mean.
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