A sign from General Electric (GE) is seen at China’s Second International Import Exhibition (CIIE) in Shanghai, China, on November 6, 2019.
Aly Song | Reuters
Check out the companies that own the noon trade.
General Electric: Shares rose nearly 4% after General Electric’s free industrial cash flow came in better than expected for the fourth quarter. The company reported $ 4.372 billion per metric after CEO Larry Culp projected at least $ 2.5 billion. GE’s earnings per share lost expectations, but revenue was higher than analysts expected, according to Refinitiv.
GameStop – Shares of the brick-and-mortar game retailer jumped 14% more after briefly topping $ 100 as investors ’buying frenzy continued. Shares rose sharply as Chamath Palihapitiya of Social Capital said in a tweet that he bought GameStop call options betting on shares to rise. GameStop has garnered more than 300% in January alone, as an army of retail investors faced short sellers in online chat rooms.
Bed Bath & Beyond: Retail shares were up 7%, despite two declines from Wall Street companies advising customers to make a profit after the recent rise of Bed Bath & Beyond. Shares rose as much as 40% on Monday as investors deliberately bought shares of the wrapped retailer, forcing hedge funds to cover their losses due to short-term shares.
DraftKings: Sports betting company shares rose more than 6% after Goldman Sachs upgraded 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%, reaching its highest level since July, after the firm announced a new line of CBD pet products led by Martha Stewart. New offerings include drops of oil and gentle chewing.
American Express – Payments fell 2.3% after the company reported fourth-quarter results. American Express reported earnings per share of $ 1.76, above the $ 1.31 per share expected by analysts surveyed by Refinitiv. Revenue matched expectations of $ 9.352 billion. The fall in American Express continues a downward trend in financial stocks, despite bottoming out in the fourth quarter.
3M: The shares of the manufacturing company gained more than 2% after 3M exceeded the upper and lower line estimates during the third quarter. The company earned $ 2.38 per share tightly during the period, which was 23 cents ahead of analysts ’expectations. Revenue reached $ 8.58 billion, up from the projected $ 8.4 billion. 3M said it saw increased demand for its health care products, including N95 masks.
Raytheon Technologies: Shares of Raytheon Technologies advanced more than 3% after the company’s fourth-quarter results exceeded street expectations. The defense contractor earned 74 cents per share on a tight basis and reported revenue of $ 16.42 million. Analysts surveyed by Refinitiv forecast $ 70 cents and $ 16.244 billion.
Johnson & Johnson – The company’s shares of pharmaceuticals and consumer goods rose 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 by analysts at Refinitiv. The company also said it will release key details about its coronavirus vaccine “soon.”
Polaris: The shares of motorcycle and snowmobile maker rose nearly 3% after surpassing the top and bottom lines of its quarterly profits. 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 CNBC’s Jesse Pound.