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Stocks make the biggest moves after hours: GM, Snap, Merck

Traders work on the floor of the New York Stock Exchange on May 20, 2019 in New York City.

Spencer Platt | Getty Images News | Getty Images

Check out the companies that make headlines after the clock :

Shares in Merck & Co fell as much as 9% in extended trading on Monday, before deleting the losses after the pharmaceutical company announced its medication Keytruda failed to meet expectations in Phase 3 of the drug trial. Keytruda, a breast cancer drug, did not show results that met the desired requirements compared to patients treated with chemotherapy.

Shares in Snap crossed slightly higher after the company announced that it has appointed a new CFO to take over for temporary CFO Lara Sweet, effective immediately. The social media company promoted Derek Andersen, Snap's current CFO, to complete his position as CFO. Lara Sweet will take over the role of officer officer.

Shares in General Motors are seen after the news broke that the company will close its "Maven" car sharing service in eight of the 1[ads1]7 North American cities where it is currently offered. Launched in 2016, Maven will end the service in the next few months in cities, including Chicago and Boston. GM did not disclose the entire list of cities where the service will be eliminated. Places that the service will continue to operate include Los Angeles, Washington DC, Detroit, and Toronto.

Shares in Mercury Systems fell more than 5% after the airline and defense company announced it will issue 5 million shares in its ordinary stock in a signed public offer. The company intends to use the net proceeds from the offer for refinancing or repayment of debt and future acquisitions, as well as other corporate expenses.

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