PVH — The apparel company, which owns the clothing brands Calvin Klein and Tommy Hilfiger, saw its stock rise 5% in extended trading after PVH beat analysts’ fourth-quarter earnings estimates. The company reported earnings of $1.88 per share excluding some items on revenue of $2.60 billion. Analysts polled by Refinitiv expected earnings of $1.81 per share on revenue of $2.50 billion. PVH also suspended its cash dividend beginning with the second quarter of 2020 and declined to provide specific guidance for first-quarter and full-year 2020 results amid the coronavirus outbreak. “First quarter and full-year 2020 results will include a significant negative impact as a result of the COVID-19 pandemic,” the company said in a statement.
Royal Caribbean Cruises — The cruise line’s stock jumped 5% in extended trading after Royal Caribbean announced that Chairman and CEO Richard Fain will forego payment of his base salary amid the coronavirus outbreak. Other top executives in the company elected to reduce their respective base salaries by 25% until Sep. 30 and the company’s board of directors agreed to forego their cash retainers and service fees from April 1 until Sep. 30 because of the negative repercussions of the coronavirus on the cruise company.
AMC Entertainment Holdings — Shares of the movie theater company fell more than 2% after the market closed. AMC’s lenders have hired lawyers for restructuring talks, according to a report from The Wall Street Journal. The company closed its theaters in March amid the COVID-19 pandemic and CEO Adam Aron told CNBC that movie theaters need government assistance to survive the economic disruption caused by the virus. Many film debuts have also been delayed because of the outbreak, and the postponed releases of Universal’s “Minions: The Rise of Gru” and “Wicked” were announced Wednesday.
Occidental Petroleum — The oil company’s stock was up 1% after the closing bell. Oil prices have tumbled this week, but it was reported Wednesday that chief executives from major energy companies, including Occidental, are set to meet with President Donald Trump on Friday.
Sanofi SA — The drug company saw its stock rise more than 1% after the closing bell. Sanofi sells Zantac, an over-the-counter heartburn medicine that the Food and Drug Administration asked to be immediately removed from pharmacy shelves on Wednesday. The FDA’s decision comes after an investigation found trace amounts of a contaminant called N-Nitrosodimethylamine (NDMA) in certain product lots. The contaminant is classified as “a probable human carcinogen” by the World Health Organization.
