A General Electric (GE) sign will be seen at the second China International Import Expo (CIIE) in Shanghai, China on November 6, 2019.
Aly Song | Reuters
Look at the companies that make headlines in the afternoon trading.
General Electric – Shares rose nearly 4% after General Electric’s industrial free cash flow for the fourth quarter was better than expected. The company reported $ 4.37 billion for the benchmark after CEO Larry Culp previously forecast at least $ 2.5 billion. GE’s earnings per share missed expectations, but according to Refinitiv, earnings were higher than analysts had predicted.
GameStop – The shareholder of the brick-and-mortar gambling giant jumped 14% higher after briefly reaching $ 100 when investors’ buying frenzy continued. The stock rose sharply when Chamath Palihapitiya of Social Capital said in a tweet that he had bought GameStop call options to bet the stock was going to be higher. GameStop rose more than 300% in January alone when an army of retail investors took action against short sellers in online chat rooms.
Bed Bath & Beyond – Retailer shares rose 7%, despite two downgrades from Wall Street businesses that advised customers to make a profit following the recent rise of Bed Bath & Beyond. Shares rose to 40% on Monday as individual investors deliberately bought up the shares of the squandered retailer and forced hedge funds to cover their losses due to the shortening of the shares.
DraftKings – Shares of the sports betting business rose more than 6% after Goldman Sachs upgraded DraftKings to buy from neutral. The Wall Street firm said DraftKings is in a leading position because state gambling is legal.
Canopy Growth – The share of the cannabis business has risen by 6% and reached its highest level since July after the firm announced a new range of downtown pet products led by Martha Stewart. The new offering includes oil drops and soft pastries.
American Express – Payment shares fell 2.3% after the company reported its fourth-quarter results. American Express reported $ 1.76 in earnings per share, above the $ 1.31 per share expected by analysts surveyed by Refinitiv. Revenue was in line with expectations of $ 9.35 billion. The decline in American Express continues a trend of declining financial stocks, despite the fact that it passed the defeat in the fourth quarter.
3M – Shares of the manufacturing company rose more than 2% after beating 3M estimates from above and below in the third quarter. The company earned $ 2.38 per share on an adjusted basis during the period, which was 23 cents above the analyst’s expectation. Revenue is $ 8.58 billion, above the expected $ 8.4 billion. 3M said the demand for healthcare products, including N95 masks, is increasing.
Raytheon Technologies – Raytheon Technologies’ shares rose more than 3% after the company’s fourth-quarter results exceeded Street’s expectations. The defense contractor earned 74 cents a 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 – Shares of the drug and consumer goods business rose about 3% after reporting better-than-expected earnings. Johnson & Johnson reported adjusted earnings of $ 1.86 per share, higher than the $ 1.82 expected in a survey by Refinitiv among analysts. The company also said it will soon release key details about its coronavirus vaccine.
Polaris – The shares of the manufacturer of motorcycles and snowmobiles rose by almost 3% after beating the best and bottom line of its quarterly earnings. Polaris reports revenue of $ 3.34 per share on revenue of $ 2.16 billion. According to Refinitiv, Wall Street expected earnings of $ 2.90 per share on revenue of $ 2.11 billion.
– with coverage of CNBC’s Yun Li, Pippa Stevens and Jesse Pound.