Stocks moving in after-hours: Rent the Runway, Harley-Davidson
A down day in markets on Wednesday has Yahoo Finance on high alert for after-hours movers.
These are some of the stocks that caught our attention on April 12, 2023:
Harley-Davidson (HOG) fell nearly 5% in extended trading after the company announced a C-suite shakeup. Gina Goetter will step down as CFO at the end of April to pursue an opportunities outside the company. Vice President-Treasurer David Vine will become interim CFO as the company conducts a formal search.
Harley-Davidson has been undergoing a massive restructuring since 2020 when Jochen Zeitz stepped into the CEO role. In September of 2022, the company spun-off its electric bike unit, LiveWire (LVWR) via a SPAC merger.
"We did the 'Rewire' program during COVID, when it started. We have our 'Hardwire strategy.' We are on track," Zeitz said on Yahoo Finance Live on the day of the spin-off.
Harley-Davidson’s stock is down about 10% year-to-date compared to a 7% gain for the S&P 500. The company will report earnings on April 27.
Rent the Runway (RENT) shares are down about 5% in post-market trading after issuing annual revenue guidance which missed Wall Street expectations. The clothing rental service sees FY23 revenue of $320 million to $330 million, versus consensus analyst estimates of $344.9 million.
Rent the Runway's fourth quarter loss narrowed to 40 cents per share, coming in below the 62 cents expected by analysts. Active subscribers for the quarter rose 10% year-over-year to 126,712, just shy of Wall Street estimates of 127,375.
The company announced senior vice president Sid Thacker will take over the chief financial officer position. The current CFO Scarlett O’Sullivan will transition out of her role effective May 25.
In the company’s earnings release, O’Sullivan said, “We believe we are set up for strong adjusted ebitda and significantly lower cash consumption in fiscal 2023, on our path to achieve free cash flow breakeven.”
Rent the Runway went public in 2021. The service was initially impacted by stay-at-home COVID lockdowns as some subscribers opted to cancel or pause their subscriptions during the pandemic.
Shares have plunged 40% in the past year, worse than the 7% drop in the S&P 500.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.
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