After-hours buzz: SONC, NKE, TPX & more

Check out which companies are making headlines after the bell on Tuesday:

Share of Nike (NKE) dropped 4 percent after the bell. The athletic apparel giant reported earnings of 73 cents per share, beating estimates of 56 cents per share. Its revenue of $9.06 billion beat analysts' estimates of $8.87 billion.

Shares of Sonic (SONC) fell 7 percent after the company guided lower for its fourth quarter. The nation's largest chain of drive-in restaurants announced that it expects same-store sales to decrease 2 percent. Analysts were estimating same-store sales growth of 0.5 percent, according to FactSet.

Sonic also adjusted its EPS expectations for the quarter, lowering it to 43 to 45 cents per share from previous estimates of 51 to 53 cents per share.

Tempur Sealy International (TPX) plunged more than 25 percent in after-hours trading, following the mattress manufacturer's update to its financial guidance for full-year 2016.

Chairman and CEO Scott Thompson said, "Third quarter net sales are below our prior expectations." He said the company expects net sales for the year to fall 1 to 3 percent from the previous year. Adjusted EBITDA for the 2016 is expected in a range of $500 million to $525 million.

Shares of Corrections Corporation of America (CXW) rose about 1 percent after the bell, following a 7.4 percent decrease for the regular session. The prison operator announced Tuesday it will restructure its corporate operations and reduce costs.

As part of its plan, CCA will eliminate about 12 percent of its corporate headquarters workforce. It expects to report a one-time charge of $4 million in its third quarter for cash severance payments and related benefits. The company says it hopes this plan will result in savings of approximately $9 million in 2017.