A General Electric (GE) sign is on display at the second China International Import Expo (CIIE) in Shanghai, China, November 6, 2019.
Aly Song | Reuters
Check out the companies that make headlines during afternoon trading.
General Electric – Shares were up nearly 4% after General Electric’s industrial free cash flow was better than expected for the fourth quarter. The company reported $ 4.37 billion for the measure, after CEO Larry Culp previously estimated at least $ 2.5 billion. GE’s earnings per share exceeded expectations, but revenue was higher than analysts predicted, according to Refinitiv.
GameStop – Shares of the brick-and-mortar gaming retailer rallied 14% after a brief rise of $ 100 as investor buying frenzy continued. The stock rose sharply when Social Capital’s Chamath Palihapitiya said in a tweet that he bought GameStop call options by betting that the stock will go higher. GameStop rallied more than 300% in January alone when an army of private investors pitted against short sellers in online chat rooms.
Bed Bath & Beyond – Shares of the retailer were down 7%, despite two downgrades from Wall Street companies advising customers to take profits following the recent rise in Bed Bath & Beyond. Shares rose a whopping 40% on Monday as individual investors deliberately bought shares from the controversial retailer, forcing hedge funds to cover their losses by shorting the shares.
DraftKings – Shares of the sports betting company were up more than 6% after Goldman Sachs upgraded DraftKings to buy from neutral. Wall Street firm said DraftKings is in a leading position as states legalize gambling.
Canopy Growth – Shares of the cannabis company were up 6%, hitting its highest level since July, after the company announced a new line of CBD products for pets led by Martha Stewart. The new offer includes oil drops and soft baked chews.
American Express – Payment share fell 2.3% after the company released its fourth-quarter results. American Express reported $ 1.76 EPS, more than $ 1.31 a share expected by analysts polled by Refinitiv. Sales were in line with expectations at $ 9.35 billion. The decline for American Express continues a trend of declining financial stocks despite reporting bottom-line beats in the fourth quarter.
3M – Shares of the manufacturing company were up more than 2% after 3M beat top and bottom line estimates in the third quarter. The company earned $ 2.38 per share on an adjusted basis during the period, which was 23 cents higher than analysts’ expectations. Revenue came in at $ 8.58 billion, more than the expected $ 8.4 billion. 3M said it saw increased demand for its healthcare products, including N95 masks.
Raytheon Technologies – Shares of Raytheon Technologies rose more than 3% after the company’s fourth-quarter earnings results beat Street’s expectations. The defense contractor made 74 cents a share on an adjusted basis and reported $ 16.42 billion in revenue. Analysts polled by Refinitiv predicted 70 cents and $ 16.24 billion.
Johnson & Johnson – Shares of the drug and consumer products company were up about 3% after reporting better-than-expected earnings. Johnson & Johnson reported adjusted earnings per share of $ 1.86 per share, higher than the $ 1.82 expected in an analyst survey by Refinitiv. The company also said it would release important details about its coronavirus vaccine “soon”.
Polaris – Shares of the motorcycle and snowmobile manufacturer were up nearly 3% after beating the top and bottom lines of quarterly earnings. Polaris reports earnings of $ 3.34 per share on revenues of $ 2.16 billion. Wall Street expected earnings of $ 2.90 per share on sales of $ 2.11 billion, according to Refinitiv.
– with reports from CNBC’s Yun Li, Pippa Stevens and Jesse Pound.