A General Electric (GE) sign is seen at the Second China International Import Exhibition (CIIE) in Shanghai, China, November 6, 2019.
Aly Song | Reuters
Consult the companies that make securities in the trading of lunch.
General Electric – Shares rose nearly 4% after free industrial cash flow came in better than expected in the fourth quarter. The company reported $ 4.37 billion for the metric after CEO Larry Culp previously projected at least $ 2.5 billion. GE’s earnings per share missed expectations, but revenues were higher than analysts had forecast, according to Refinitiv.
GameStop – The shares of the brick game retailer rose 14% more, after briefly exceeding $ 100, as the buying frenzy of investors continued. The stock rose sharply as Chamath Palihapitiya of Social Capital said in a tweet that he had bought GameStop call options, betting that the stock would rise. GameStop garnered over 300% in January alone, while an army of retail investors faced short sellers from online chat rooms.
Bed Bath & Beyond – The retailer’s shares fell 7%, despite two downgrades from Wall Street firms advising customers to make a profit after the recent rise of Bed Bath & Beyond. Shares rose to 40% on Monday as individual investors deliberately bought shares of the retailer, which forced hedge funds to cover their losses from short-term stocks.
DraftKings – Sports betting company shares rose more than 6% after Goldman Sachs updated DraftKings to buy from neutral. The Wall Street firm said DraftKings is in a leading position as states legalize gambling.
Canopy Growth – The cannabis company’s shares rose 6% to its highest level in July after the company announced a new line of pet CBD products led by Martha Stewart. New offerings include oil drops and soft chews.
American Express – Stock payments fell 2.3% after the company reported fourth-quarter results. American Express reported earnings per share of $ 1.76, up from $ 1.31 per share expected by analysts surveyed by Refinitiv. Revenue was in line with expectations of $ 9.35 billion. The decline for American Express continues a downward trend in financial stocks, despite the fact that it reported declines in the fourth quarter.
3M – The shares of the manufacturing company gained more than 2% after 3M exceeded the estimates in the top and bottom line in the third quarter. The company earned $ 2.38 per share on an adjusted basis during that period, 23 cents ahead of analysts’ expectations. Revenue amounted to $ 8.58 billion, ahead of the expected $ 8.4 billion. 3M said it has seen increased demand for its health care products, including N95 masks.
Raytheon Technologies – Raytheon Technologies shares advanced more than 3% after the company’s results in the fourth quarter exceeded street expectations. The defense contractor earned 74 cents a share on an adjusted basis and reported revenue of $ 16.42 billion. Analysts surveyed by Refinitiv forecast 70 cents and $ 16.24 billion.
Johnson & Johnson – The company’s share of drug and consumer goods 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 conducted by analysts by Refinitiv. The company also said it would publish key details about its coronavirus vaccine “soon.”
Polaris – The shares of the motorcycle and snowmobile manufacturer increased by almost 3% after exceeding the top and bottom lines of its quarterly earnings. Polaris reported 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 from Yun Li, Pippa Stevens and Jesse Pound from CNBC.