) -- Shares of

E*Trade Financial

(ETFC) - Get E*TRADE Financial Corporation Report

fell in late trades on Monday after the online broker disclosed the timing of a massive secondary offering by major shareholder

Citadel LLC


New York-based E*Trade said it expects Citadel Equity Fund, an affiliate of the hedge fund operator, to begin a sale of 27.5 million common shares "on or about" April 29. The offering is being underwritten by

Morgan Stanley

(MS) - Get Morgan Stanley (MS) Report

, and E*Trade won't receive any proceeds.

The sale is just the latest paring down of Citadel's stake in E*Trade, which reported better than expected results for its fiscal first quarter on April 20. In February, the hedge fund's plans to sell 24 million E*Trade common shares were revealed, and that divestiture reportedly brought Citadel's stake, which dates back to 2007, down to 20%.

E*Trade's stock, which is down 10% in the past year, was last quoted at $16.36, off 2.6%, on volume of more than 240,000, according to


The company is slated to hold its annual shareholder meeting on May 12. The majority of Wall Street is in wait-and-see mode when it comes to E*Trade with nine of the 14 analysts covering the shares rating it at neutral.


A strong quarter wasn't enough to buoy shares of


(NFLX) - Get Netflix, Inc. (NFLX) Report

in after-hours trading as Wall Street

balked at the company's outlook


The company reported first-quarter earnings of $60.3 million, or $1.11 a share, on revenue of $718.6 million, up markedly from a year-ago profit of $32.3 million, or 59 cents a share, on revenue of $493.7 million, and ahead of the average analysts' estimate for earnings of $1.08 a share on revenue of $703.6 million.

For the second quarter, however, Netflix forecast earnings of 93 cents to $1.15 a share on revenue of $762 million to $778 million. The current average estimate of analysts polled by

Thomson Reuters

is for a profit of $1.19 a share on revenue of $763 million in the June-ending period. The company expects its domestic operating margin to come in at 14% in the second quarter, down from 16% in the first quarter but in line with its goal.

The stock was last quoted at $238.60, down 5.2%, on volume of more than 2.6 million. Based on a regular session close at $251.67, the shares are up 151% in the past year, including a gain of 37.5% since the start of 2011.

Express Scripts

The biggest Nasdaq-listed decliner in late trades was

Express Scripts


, which saw its shares pull back nearly 7% to $51.60 on volume of 1.5 million.

After Monday's closing bell, the St. Louis-based pharmacy benefit manager

announced plans to sell additional debt in the next few weeks and fell short of Wall Street's profit expectations


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For the three months ended in March, Express Scripts reported earnings from continuing operations of $326.5 million, or 61 cents a share, on revenue of $11.09 billion. On an adjusted basis, excluding certain items, the company, which also distributes generic biopharmaceutical products, reported a profit of 66 cents a share in the latest quarter.

The average estimate of analysts polled by Thomson Reuters was for a profit of 69 cents a share in the March period on revenue of $11.56 billion.


A surprise executive change sent shares of


(ORCL) - Get Oracle Corporation Report

lower late Monday. The stock dipped 1% to $34.45 with more than 330,000 shares changing hands.

The move came after

Jeff Epstein abruptly resigned

from the chief financial officer position he's held at the company since late August 2008.

The Redwood Shores, Calif.-based database software giant named Safra Catz, its president, to assume the additional CFO role on a permanent basis effective immediately, and didn't provide much color on Epstein's sudden departure.

Catz joined Oracle in 1999 and has served as president since January 2004. She preceded Epstein in the CFO position, which she previously held from November 2005 through September 2008.


Shares of



lost 3.3% to $10 on volume of more than 50,000 after

its earnings forecast fell short of Wall Street's consensus view


The Costa Mesa, Calif.-based maker of networking components said it expects an adjusted profit of 8 to 12 cents a share for its fiscal fourth quarter ending on July 3. The current average analysts' view is for earnings of 14 cents a share.

Of the 15 analysts covering Emulex shares, the majority are bearish with 10 at hold and 2 at underperform. The remainder are split between strong buy (1) and buy (2). The median 12-month price target sits at $13.

Veeco Instruments

A winner in late trades was

Veeco Instruments

(VECO) - Get Veeco Instruments Inc. Report

, which handily beat the average analysts' estimate for its fiscal first-quarter results and gave a bullish outlook for the second quarter ending in June.

The stock was last quoted at $50.25, up 4.8%, on volume of more than 160,000, according to


For the first quarter ended in March, the Plainview, NY-based maker of capital equipment for LEDs, solar panels and disk drives reported an adjusted profit of $56.6 million, or $1.33 a share, ahead of the consensus view of $1.21 a share.

Veeco sees adjusted earnings of $1.20 to $1.45 a share on revenue of $255 million to $285 million for the fiscal second quarter.


Written by Michael Baron in New York.

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Michael Baron


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