U.S. stock futures were lower this morning, with the Dow futures falling by over 100 points on Tuesday.
PVH Corp. (NYSE: PVH) saw a sharp decline in today’s pre-market trading following the release of its fourth-quarter financial results and guidance.
PVH reported earnings of $3.72 per share for the quarter, surpassing the analyst consensus of $3.53 by 5.38%. This marks a 56.3% increase from the previous year’s earnings of $2.38 per share. Quarterly sales totaled $2.49 billion, exceeding the estimated $2.42 billion by 2.89%, as reported by Benzinga Pro.
The company anticipates earnings between $10.75 and $11.00 per share for fiscal year 2024, compared to the estimated $10.48 figure. Revenue projections indicate a decline of 6% to 7% from 2023.
PVH shares plummeted by 23.4% to $107.00 in pre-market trading.
Several other prominent stocks experienced losses in today’s pre-market trading session:
- Fractyl Health, Inc. (NASDAQ: GUTS) shares dropped 13.7% to $6.43.
- GCT Semiconductor Holding, Inc. (NASDAQ: GCTS) saw a 12.6% decrease to $15.82 following a significant decline on Monday. Nelson C. Chan was appointed to the Board of Directors.
- Petco Health and Wellness Company, Inc. (NASDAQ: WOOF) experienced an 11.1% decline to $1.85 after a 9% drop on Monday.
- Humana Inc. (NYSE: HUM) witnessed an 8.8% dip to $320.55 after CMS announced updates to payment policies for Medicare Advantage and Medicare Part D programs.
- MicroStrategy Incorporated (NASDAQ: MSTR) shares fell 7.1% to $1,521.00 due to a decline in Bitcoin.
- Bit Digital, Inc. (NASDAQ: BTBT) recorded a 5.4% decrease to $2.61 amid the decline in Bitcoin.
- CVS Health Corporation (NYSE: CVS) shares declined by 5.2% to $75.41 as a result of the finalized payment updates by CMS.
- Lotus Technology Inc. (NASDAQ: LOT) shares dropped by 4.7% to $6.54 ahead of its unaudited fourth-quarter report scheduled for April 8, 2024.
Now Read This: Investor Sentiment Improves, But Dow Falls Over 200 Points
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