Coronavirus, Levi's earnings: What to know in markets Tuesday

Heidi Chung
Reporter

Coronavirus developments will remain front and center Tuesday following some positive news Monday. New York Governor Andrew Cuomo said Monday that New York could have reached a plateau after day-over-day death tolls were basically flat for two days. There were 599 deaths in the state Sunday and 594 deaths reported Monday.

Nevertheless, coronavirus cases are still on the rise across the U.S. and the world. As of Monday afternoon, there were more than 1.33 million cases globally and nearly 74,000 deaths, according to Johns Hopkins University data. In the U.S., there were nearly 357,000 cases and more than 10,300 deaths.

NEW YORK, UNITED STATES - 2020/03/18: Levi Strauss & Co. store on Times Square closed due to ongoing coronavirus cases and fears. (Photo by Lev Radin/Pacific Press/LightRocket via Getty Images)

Levi’s (LEVI) is the only major company scheduled to release quarterly earnings Tuesday after market close. Analysts polled by Bloomberg expect the retailer to report adjusted earnings of 35 cents per share on $1.46 billion in revenue during its fiscal first quarter.

Much like the rest of the retail industry, Levi’s announced in mid-March that it would be temporarily closing its company owned and operated stores in the U.S. and Canada starting March 16. Levi’s online business would remain operational.

“We are facing an unprecedented global pandemic, and our first priority is to do the right thing for the health and safety of our employees and our consumers,” Levi’s President and CEO Chip Bergh said in a statement at the time.

Investors will be expecting to get updates regarding COVID-19’s impact on Levi’s business from management Tuesday on the earnings conference call.

Shares of Levi’s plunged 43% so far in 2020, while the broader market fell 17.5% during the same time period.

Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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