A General Electric (GE) plaque is seen at the second China International Import Expo (CIIE) in Shanghai, China, November 6, 2019.
Aly Song | Reuters
Check out the companies making headlines in the midday trade
General Electric – Shares rose nearly 4% after General Electric’s industrial free cash flow came in better than expected for the fourth quarter. The company reported $ 4.37 billion for the metric after CEO Larry Culp had previously projected at least $ 2.5 billion. GE’s earnings per share did not meet expectations, but revenue was higher than analysts had projected, according to Refinitiv.
GameStop – Brick and mortar game retailer shares jumped 14%, after briefly reaching $ 100, as investors’ buying frenzy continued. The stock rose sharply when Social Capital’s Chamath Palihapitiya said in a tweet that he bought call options from GameStop betting that the stock would rise. GameStop recovered more than 300% in January alone, as an army of retail investors rallied against short sellers in online chat rooms.
Bed Bath & Beyond – The retailer’s stock jumped 7%, despite two downgrades by Wall Street companies advising customers to make a profit after the recent increase in Bed Bath & Beyond. The shares rose by 40% on Monday, when individual investors deliberately bought shares from the distressed retailer, forcing hedge funds to cover their losses with short shares.
DraftKings – The sports betting company’s shares rose more than 6% after Goldman Sachs updated the DraftKings to buy from the neutral company. The Wall Street company said DraftKings is in a leading position as states legalize gambling.
Canopy growth – The cannabis company’s stock jumped 6%, reaching its highest level since July, after the company announced a new line of CBD pet products led by Martha Stewart. The new offerings include drops of oil and chewable baked goods.
American Express – The stock of payments fell 2.3% after the company released its fourth quarter results. American Express reported $ 1.76 in earnings per share, up from the $ 1.31 per share expected by analysts polled by Refinitiv. Revenue was in line with expectations of $ 9.35 billion. American Express’ fall continues a downward trend in financial sector stocks, despite reporting losses in the fourth quarter’s financial results.
3M – The manufacturing company’s stock gained more than 2% after 3M exceeded top estimates and results during the third quarter. The company earned $ 2.38 per share on an adjusted basis over the period, which was 23 cents above analysts’ expectations. Revenue stood at $ 8.58 billion, up from the expected $ 8.4 billion. 3M said it saw greater demand for its healthcare products, including N95 masks.
Raytheon Technologies – Raytheon Technologies’ shares advanced more than 3% after the company’s fourth quarter results exceeded Street’s expectations. The defense contractor earned 74 cents per share on an adjusted basis and reported revenue of $ 16.42 billion. Analysts polled by Refinitiv predicted 70 cents and $ 16.24 billion.
Johnson & Johnson – The shares of the drug and consumer products company increased by about 3% after reporting better than expected gains. Johnson & Johnson reported adjusted earnings of $ 1.86 per share, higher than the $ 1.82 expected in a survey of Refinitiv analysts. The company also said it would release important details about its coronavirus vaccine “soon”.
Polaris – The shares of the motorcycle and snowmobile manufacturer rose almost 3%, after exceeding the upper and lower lines of its quarterly earnings. Polaris reporting earnings of $ 3.34 per share on revenue of $ 2.16 billion. Wall Street expected earnings of $ 2.90 per share on revenue of $ 2.11 billion, according to Refinitiv.
– with reports by CNBC’s Yun Li, Pippa Stevens and Jesse Pound.