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Shares of Under Armour slid 13% during Tuesday’s premarket trading after the company said its 2020 revenue would be hurt by the coronavirus outbreak. China is one of the athletic retailer’s fastest growing markets, so weakness in the region could hurt top-line growth. The comments came as the company reported fourth quarter results. Earnings per share came in at 10 cents which was in-line with estimates, according to Refinitiv, but the company’s $1.441 billion in revenue fell short of expectations. âStevens
Federal Reserve Chairman Jerome Powell appears Tuesday before the House Financial Services Committee as part of his mandated semiannual testimony before Congress. On tap will be comments about general economic conditions, the state of monetary policy and the Fed’s view on international developments including the coronavirus. Powell then will take questions from committee members. It’s off to the Senate tomorrow for the central bank chief. âCox
U.S. stock futures are pointing to solid gains Tuesday as new data from Johns Hopkins University showed the number of new confirmed coronavirus cases has declined. Dow Jones Industrial Average indicated a gain of more than 100 points, while S&P 500 and Nasdaq 100 futures were also up solidly. Still, some companies â including Under Armour â are warning the outbreak could hurt their sales. âImbert
With reporting from Jesse Pound.