Apple to pay $25 million to settle DOJ discrimination case
Apple has agreed to pay $25 million in back pay and civil penalties to settle charges from the Department of Justice accusing it of discrimination in its hiring practices under the Immigration and Nationality Act.
The Department of Justice said Apple was not advertising positions that it wanted to fill through a federal program called Permanent Labor Certification Program or PERM, which allows U.S. companies to recruit workers who can become permanent U.S. residents after completing a number of requirements.
Per the settlement agreement, Apple contests the agreement and said it believed it was following Department of Labor regulations.
Shares of Apple were flat during after hours trading Thursday.
— Hakyung Kim, Kif Light
Stocks making the biggest moves after hours
Check out the companies making headlines in extended trading.
Wynn Resorts — Shares fell 5.1% following the casino operator’s third-quarter earnings. Wynn managed to post a beat on both top and bottom lines, but reported a decline in revenue from the prior year for its Encore Boston Harbor.
Illumina — The stock dropped more than 8%. The biotechnology company cut its adjusted earnings guidance for the full year to a range of 60 cents to 70 cents per share, compared to analysts’ estimates of 80 cents per share, according to LSEG. Despite beating on adjusted earnings per share in the third quarter, revenues were lower than analysts’ estimates
Synaptics — Shares of the computer hardware company rallied nearly 10% after fiscal first-quarter earnings and revenue both came above Wall Street’s expectations. Synaptics posted per-share adjusted earnings of 52 cents on revenue of $238 million. Analysts had estimated earnings of 40 cents per share on $233 million in revenue, according to LSEG.
The full list can be found here.
— Hakyung Kim
Stock futures open little changed Thursday
U.S. stock futures opened little changed Thursday night.
Dow Jones Industrial Average futures inched up 20 points, or 0.06%.
Futures tied to the S&P 500 were unchanged. Meanwhile, Nasdaq 100 futures fell 0.09%.
— Hakyung Kim