NEW YORK ( TheStreet) -- Shares of Bed, Bath & Beyond ( BBBY - Get Report) rose in after-hours action on Wednesday after the Union, N.J.-based specialty retailer posted a strong quarterly profit and unveiled a new $2 billion buyback program.

The company said it earned $188.6 million, or 74 cents a share, in its fiscal third quarter ended on Nov. 27, up from a year-ago equivalent profit of $151.3 million, or 58 cents a share, and 12% ahead of the average estimate of analysts polled by Thomson Reuters for earnings of 66 cents a share. Sales for the quarter came in at $2.19 billion, rising 11% year-over-year and besting the consensus view of $2.11 billion. Same-store sales rose 7%.

The stock was last quoted at $50.27, up 5.5%, on volume of around 525,000. Year-to-date, the shares have gained more than 20%, and they've almost doubled since plumbing a 52-week low of $26.50 on May 7.

"It is currently anticipated that this new $2 billion share repurchase program will be funded from current cash and from present and expected future cash flows," said Steven Temares, the company's CEO and a director, in a statement, adding that Bed, Bath & Beyond's board would continue to evaluate its capital structure on an ongoing basis.

Micron Technologies

One of the most heavily traded stocks in the after-hours session was Micron Technologies ( MU - Get Report), which fell more than 4% to $7.94 on volume of 4.3 million.

The Boise, Idaho-based semiconductor manufacturer reported its quarterly results following the closing bell, posting a fiscal first-quarter profit of $155 million, or 15 cents a share, missing the average estimate of analysts polled by Thomson Reuters for earnings of 28 cents a share.

Revenue fell on a sequential basis to $2.25 billion in the latest quarter from $2.49 billion in the previous three months. Wall Street's consensus estimate was for Micron to report sales of $2.37 billion in the November period.

Micron said sales of its DRAM dynamic random access memory chips fell 19% on a sequential basis as a drop of 23% in average selling prices more than offset a 5% increase in unit sales volume.

Based on a regular session close at $8.28, the shares were down 23% year-to-date, although they've bounced since setting a 52-week low of $6.77 in late August.

Crocs

Shares of Crocs ( CROX - Get Report) slipped 2% to $18.33 on volume of more than 65,000, according to Nasdaq.com, after Russell Hammer resigned as the company's chief financial officer.

The Niwot, Colo.-based fashion shoe seller said Hammer is leaving the post to take a similar position at another public company. The resignation is effective on Dec. 31, and Crocs has already started to search for a replacement.

"Looking forward, we are excited about both our near- and long-term growth prospects and I am very confident that the financial team we have in place is up to the task of managing the CFO responsibilities until a successor is found," said John McCarvel, the company's CEO and president, in a statement.

Crocs has a had a phenomenal 2010, rising nearly 240% year-to-date based on Wednesday's regular session close $18.69, but Wall Street remains bullish on the stock with four of the five analysts covering it at either strong buy (3) or buy (1).

Gilead Sciences

Gilead Sciences ( GILD - Get Report) was trading lower late Wednesday after the Foster City, Calif.-based company said it's ending a late-stage clinical trial of its ambrisentan drug for the treatment of idiopathic pulmonary fibrosis, citing a lack of efficacy.

Gilead, whose products include HIV drugs Atripla and Truvada, said the decision to end the trial was based on an interim data analysis by the FDA's Data Monitoring Committee for the study and the company's own review of the data.

Shares of Gilead slipped 2% to $35.60 on volume of around 340,000 in late trades. The stock has fallen 15.5% in 2010. Overall, it's up since setting its 52-week low of $31.73 in late July but the shares were trading above $40 as recently as Nov. 4. Twenty of the 32 analysts covering Gilead rate it as either strong buy (9) or buy (11).

-- Written by Michael Baron in New York.

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