Stocks making the biggest moves after hours: GameStop, Lululemon, KB Home and more

Market Insider

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Check out the companies making headlines after the bell.

GameStop — Shares of the video game retailer surged 14% in extended trading after the company said it had seen a positive impact on its business from the coronavirus. “The COVID-19 outbreak has led to changes in how consumers work, play and learn and over the past few weeks, led to increased demand for our products,” CEO George Sherman said in a statement. GameStop reported fourth-quarter earnings of $1.27 per share excluding some items that exceeded analysts’ estimates of 79 cents per share, according to Refinitiv. However, GameStop reported revenue of $2.19 billion, which fellow below the expectations of analysts polled by Refinitiv who estimated $2.24 billion. 

Lululemon — The athletic apparel retailer’s stock fell 2% in extended trading after the company declined to provide a fiscal 2020 outlook because of the uncertainty caused by the coronavirus. However, Lululemon did beat on analysts’ earnings estimates in the fourth quarter. The company reported earnings of $2.28 per share on revenue of $1.40 billion, while analysts polled by Refinitiv expected earnings of $2.24 per share on revenue of $1.38 billion. Lululemon also said that same-store sales surged 20% during the fourth quarter.

KB Home — The homebuilding company’s stock soared 7% in extended trading after the company posted a double beat on earnings in the first quarter. KB Home reported earnings of 63 cents per share on revenue of $1.08 billion, while analysts anticipated earnings of 45 cents per share on revenue of $956 million, according to Refinitiv. 

Gap — Shares of the clothing retailer rose 1% in extended trading after the company announced that it was implementing precautionary actions to strengthen financial flexibility in response to the coronavirus pandemic. The measures include deferring the payment dates for the company’s previously announced first-quarter fiscal year 2020 dividend, suspending regular quarterly cash dividends for the remainder of fiscal year 2020 and reducing capital expenditures by approximately $300 million in fiscal 2020. “We entered 2020 in a strong financial position. However, in this time of unprecedented disruption to the retail sector, we are proactively taking the prudent actions to further strengthen our financial liquidity and flexibility,” said President and CEO Sonia Syngal in a statement.

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