Shares That Make The Greatest Strikes At Midday: GameStop, Basic Electrical, DraftKings, and Extra
A General Electric (GE) sign can be seen at the second China International Import Expo (CIIE) in Shanghai, China on November 6, 2019.
Aly Song | Reuters
Check out the companies that are making the headlines in midday trading.
General Electric – Shares were up nearly 4% after General Electric's industrial free cash flow turned out better than expected in the fourth quarter. The company reported $ 4.37 billion for the metric after CEO Larry Culp previously forecast at least $ 2.5 billion. GE earnings per share fell short of expectations, but revenue was higher than analysts forecast, according to Refinitiv.
GameStop – The stationary gaming retailer's shares rose 14% after briefly topping $ 100 as the investor spending spree continued. The stock rose sharply when Social Capital's Chamath Palihapitiya said in a tweet that he bought GameStop call options and bet that the stock will go higher. GameStop rose more than 300% in January alone when an army of retail investors took on short sellers in online chat rooms.
Bed Bath & Beyond – The retailer's shares fell 7% despite two downgrades by Wall Street firms advising customers to take profits after Bed Bath & Beyond's recent surge. Shares rose as much as 40% on Monday as individual investors purposely bought shares in the competitive retailer, forcing hedge funds to recoup their losses by selling the shares short.
DraftKings – The sports betting firm's shares rose more than 6% after Goldman Sachs upgraded DraftKings to buy at Neutral. The Wall Street firm said DraftKings is in a leadership position as states legalize gambling.
Canopy Growth – The cannabis company's shares rose 6%, hitting their highest level since July, after the company announced a new line of CBD products for pets led by Martha Stewart. The new offering includes oil drops and soft baked chew.
American Express – The payment book fell 2.3% after the company released its fourth quarter results. American Express reported earnings per share of $ 1.76, higher than the analysts surveyed by Refinitiv expected $ 1.31 per share. Sales were in line with expectations at $ 9.35 billion. The decline in American Express continues the trend of financial stocks falling despite the bottom line of profits in the fourth quarter.
3M – The manufacturing company's shares rose more than 2% after 3M beat estimates for sales and earnings in the third quarter. The company earned $ 2.38 per share on an adjusted basis for the period, 23 cents above analyst expectations. Revenue was $ 8.58 billion ahead of the expected $ 8.4 billion. 3M saw increased demand for health products, including N95 masks.
Raytheon Technologies – Raytheon Technologies stocks rose more than 3% after the company's fourth quarter results beat Street's expectations. The defense entrepreneur earned 74 cents per share on an adjusted basis and had sales of $ 16.42 billion. Analysts polled by Refinitiv predicted 70 cents and 16.24 billion US dollars.
Johnson & Johnson – The drug and consumer goods company stocks rose roughly 3% after reporting better-than-expected earnings. Johnson & Johnson reported adjusted earnings of $ 1.86 per share, up over the $ 1.82 expected in an analyst survey by Refinitiv. The company also said it would "soon" release important details about its coronavirus vaccine.
Polaris – The motorcycle and snowmobile maker stocks rose nearly 3% after surpassing the quarterly earnings statement. Polaris reports earnings of $ 3.34 per share on sales of $ 2.16 billion. Wall Street expects earnings of $ 2.90 per share on sales of $ 2.11 billion, according to Refinitiv.
– with reports from Yun Li, Pippa Stevens and Jesse Pound from CNBC.