Coca-Cola CEO steps down; MGM Resorts gains; Restoration Hardware shares sink

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Coca-Cola (KO) – The beverage giant announced Muhtar Kent will be stepping down as CEO in May, succeeded by chief operating officer James Quincey. Kent will stay on as the chairman of the board.

MGM Resorts (MGM), Wynn Resorts (WYNN) – The casino operators are regaining momentum after Macau officials said there is no change to the daily withdrawal limit for Chinese gamblers. This came after the South China Morning Post reported that the Monetary Authority of Macau was going cut the withdrawal limit in half.

Restoration Hardware (RH) – The luxury furnishing company cut its outlook and posted a drop in quarterly earnings for the third quarter. Sales at Restoration Hardware stores opened at least 14 months fell 6%.

Broadcom (AVGO) – The semiconductor company reported fiscal fourth-quarter results that topped Wall Street estimates and announced that it is doubling its dividend. Broadcom reported adjusted earnings per share of $3.47 on revenue of $4.14 billion.

American Airlines (AAL) – The airline raised its current-quarter forecast for its unit revenue. The company now expects fourth-quarter unit revenue to range between a decline of 1% and an increase of 1%. American Airlines cited improvement in average fares as the reason for the higher outlook.

Royal Caribbean (RCL) – The cruise company is planning its first visit to Cuba in April. The Empress of the Seas will offer a series of 4- and 5-night trips that stop at the island’s ports.