Kylie Cosmetics are displayed at Ulta beauty on November 18, 2019 in New York City. Kylie Cosmetics has sold a controlling stake to Coty Inc for a reported $600 Million. Coty Inc plans to buy 51% and the controlling share of Kylie Cosmetics, valuing it at $1.2 billion. Kylie Jenner will remain the public face of the brand.
David Dee Delgado | Getty Images News | Getty Images
Check out the companies making headlines after the bell.
Inovio Pharmaceuticals — Shares of Inovio dropped 3% in extended trading after falling 26% in regular hours. Inovio’s stock has trended sharply downward since Tuesday, when it announced positive results in its coronavirus vaccine’s clinical trial, but did not provide critical data necessary to evaluate its effectiveness, according to medical news site Stat. Shares of BioNTech and Pfizer also rose 1% in extended trading. The companies’ vaccine candidate showed positive results in an early stage human trial, according to data released Wednesday. Shares of Moderna, another biotech company developing a vaccine, fell more than 1% after the closing bell.
CBL & Associates – The mall owner’s stock jumped 2% after the market closed. CBL said it is in a forbearance agreement with its lenders over a missed interest payment. With many retail tenants not paying rent during the coronavirus crisis, CBL did not make an $11.8 million payment on June 1, leading to a 30-day grace period that expired this week. The company said earlier in June that its ability to continue operating is in doubt.
Match Group – Shares of Match dropped 1% in extended trading. The online dating company said it completed its full separation from IAC on Wednesday and added four new directors. The new directors include Stephen Bailey, the CEO of ExecOnline, Melissa Brenner, executive vice president of digital media for the NBA, Wendi Murdoch, the co-founder of Artsy and actor and producer Ryan Reynolds. Match Group Directors Mark Stein and Gregg Winiarski left the Match board because of the IAC separation.
Coty — The beauty product company’s stock rose 1% after the closing bell. Multiple news outlets reported Wednesday that Coty is being sued by California-based cosmetics manufacturer Seed Beauty, accusing the company of stealing trade secrets in connection with Coty’s recent stakes in Kim Kardashian West and Kylie Jenner’s makeup brands. Seed Beauty manufactures cosmetics for Kardashian West and Jenner’s brands. Coty bought a majority ownership of Jenner’s brand in 2019 and said Monday that it will pay $200 million for a 20% stake in Kardashian’s brand.
McDonald’s — The restaurant chain’s stock dropped 1% in extended trading after McDonald’s said in a memo seen by CNBC that it is pausing the reopening of dine-in service at its U.S. restaurants because of increasing coronavirus cases. McDonald’s said it would wait 21 days before allowing any additional U.S. locations add dine-in service to their operations.