Smith & Wesson, Hertz, Marathon Petroleum and more

Check out the companies making headlines after the bell.

Hertz — The car rental company’s stock fell about 2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in extended trading after the bankrupt company said Thursday that it was terminating its controversial sale of up to $500 million in stock. Trading on the stock was halted ahead of the announcement. Hertz previously said Wednesday that it was suspending the stock sale after the SEC expressed concern over the move and launched a review. 

AMC Entertainment — The movie theater chain’s stock dipped 1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the closing bell. AMC CEO Adam Aron told the Wall Street Journal Thursday that the company plans to open all of its theaters by July 24. AMC was forced to close all of its locations in the U.S. amid the pandemic. 

Smith & Wesson Brands — The gun maker’s stock dropped 2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in extended trading after the company released its fourth-quarter earnings. Smith & Wesson reported earnings of 57 cents per share excluding some items on revenue of $233.6 million, while FactSet analysts estimated earnings of 40 cents per share with revenue of $217.6 million. The company also provided an update on its spin-off efforts. Likely to be completed in August, the spin-off “will create two independent, publicly traded companies: Smith & Wesson Brands, Inc. (the firearm business) and American Outdoor Brands, Inc. (the outdoor products and accessories business),” according to CFO Jeffrey Buchanan.

PG&E Corporation — The utility’s stock rose about 1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in extended trading after the company issued a statement on its role in the 2018 Camp Fire in California. PG&E pleaded guilty Tuesday to killing 84 people in the wildfire, which was caused by its crumbling electrical grid. The company’s statement included remarks from incoming interim CEO Bill Smith, who addressed the court Thursday during the company’s sentencing. “It can never be said too many times: We accept responsibility for our role in the Camp Fire, and all 23,000 employees are committed to making sure our equipment never again causes a catastrophe like this,” Smith said. PG&E will pay a fine of $3.5 million for its crimes as well as $500,000 for the cost of the investigation.

Marathon Petroleum — Shares of the oil company rose 5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in extended trading after it was reported by the Wall Street Journal that Marathon was in discussions with potential buyers of its Speedway gas stations. Marathon had initially pursued a sale that fell apart early on in the coronavirus pandemic. Last year investors called for Marathon to spin-off Speedway.