After-Hours Movers: Enphase Falls 14%, CoStar Drops 11% and Manhattan Associates Jumps 10%

U.S. stocks saw sharp after-hours moves on Tuesday, Oct. 27, after a heavy round of earnings. Enphase (ENPH) fell about 14% and CoStar (CSGP) about 11%, while Manhattan Associates (MANH) surged about 10% and PPG (PPG) gained about 7%. The common thread was guidance: stocks that raised or reaffirmed outlooks rallied, and several companies that beat estimates still sold off on the details.

The after-hours board

After-hours percentages are indicative moves in thinly traded extended-hours sessions and can change by the open.

The big decliners

Enphase. Revenue of $293.3 million was down 29% from a year ago, and non-GAAP EPS was $0.41. The punch came from the outlook: fourth-quarter revenue guidance of $225 million to $255 million compares with a consensus of $297.6 million. By our calculation, the midpoint of $240 million is about 19% below that estimate.

CoStar. Revenue rose 14% to $952 million and adjusted EPS was $0.38, up from $0.23 and ahead of the $0.34 estimate. The company raised its full-year guidance to $3.75 billion to $3.77 billion in revenue and $1.38 to $1.41 in adjusted EPS. Even so, fourth-quarter adjusted EPS guidance of $0.46 to $0.50 has a midpoint of $0.48, by our calculation about 2% below the $0.49 expected. CoStar also agreed to buy aerial-imagery company Vexcel for about $730 million in cash, with closing expected in the first quarter of 2027. Vexcel has generated more than $140 million of revenue over the last twelve months at roughly a 20% adjusted EBITDA margin.

NXP Semiconductors. Third-quarter revenue was $3.79 billion, up 19%, with non-GAAP EPS of $4.20. Fourth-quarter revenue guidance of $3.75 billion to $3.95 billion has a midpoint of $3.85 billion, essentially the $3.86 billion expected. Non-GAAP operating income guidance of $1.37 billion to $1.51 billion has a midpoint of $1.44 billion, matching the estimate cited. An in-line outlook was enough for a 9% after-hours drop. NXP also authorized a new $5 billion buyback.

Beat, but sold

Seagate and Robinhood are covered in more detail in their own earnings articles. Visa raised its dividend 16% to $0.78 a share and repurchased about $4.0 billion of stock in the quarter. F5 guided fiscal 2027 revenue growth of 8% to 9% and non-GAAP EPS of $18.00 to $18.30, above consensus, and added $1.5 billion to its buyback authorization, but the margin shortfall kept the shares from rallying.

The winners

Manhattan Associates. Revenue rose 11% to $306.2 million, cloud subscription revenue jumped 28%, remaining performance obligations reached $2.59 billion, and adjusted EPS was $1.55 versus $1.36. The company raised its 2026 adjusted EPS guidance to $5.54 to $5.56 from $5.44 to $5.50, above the $5.50 estimate, and lifted its revenue outlook to $1.176 billion to $1.178 billion. By our calculation, the new midpoint is about 1.5% above the old one.

PPG Industries. Net sales rose 7% to $4.35 billion and adjusted EPS was $2.25, up 6%, while GAAP EPS of $2.12 was a third-quarter record. PPG raised the midpoint of its 2026 adjusted EPS guidance to a range of $7.90 to $8.10, versus the $7.89 estimate, and guided fourth-quarter adjusted EBITDA margin flat to up 100 basis points. Performance Coatings led, with sales up 10% and EBITDA up 21%.

What it means

The tape shows how little room estimates leave: Enphase and CoStar fell on guidance, while Visa, F5, Robinhood and Seagate slid on margins or ARPU even as they beat. The winners were the companies that raised outlooks and cited visible demand. These after-hours moves will need to hold into Wednesday's open.

Sources: Company results releases filed Oct. 27: NXP, Visa, F5, CoStar, Manhattan Associates and PPG. Estimates and after-hours moves are as provided to MarketCatalyst. This is informational, not a recommendation to buy or sell.