A logo is displayed next to a gas turbine at the General Electric Co. (GE) power plant in Greenville, South Carolina, United States on Tuesday, January 10, 2017. General Electric Co. is expected to release earnings numbers on January 20th.
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Check out the companies that are making headlines in midday trading.
General Electric – The industrial conglomerate’s shares fell more than 7% after Oppenheimer downgraded the stock to outperform. The downgrade was triggered by valuation concerns and the Wall Street company continues to believe the foundation for the company was “solid”. The shares have gained more than 13% this year.
Roblox – The video game company’s shares rose more than 3% on day two of trading after Cathie Woods Ark Invest bought more than 500,000 shares for their Ark Next Generation Internet ETF on Wednesday. A vote of confidence from Wood has often moved individual stocks after the die-hard investor returned 150% of her flagship fund in 2020. However, Ark’s ETFs have been under pressure in the past few weeks.
Bumble – Dating app service shares rose more than 10% following Bumble’s first quarterly update as a publicly traded company. Bumble reported sales of $ 165.6 million versus an expected $ 163.3 million. The company also issued a positive forecast for the current quarter.
Oracle – Oracle stocks fell more than 6% after the computer software company issued low earnings forecasts for the current quarter. Oracle reported third quarter earnings per share of $ 1.16 on revenue of $ 10.09 billion. The analysts at Refinitiv expected earnings per share of USD 1.11 on sales of USD 10.07 billion. Revenue in Oracle’s cloud division did not meet analyst expectations. The company increased its dividend by 33% and its share buyback program by $ 20 billion.
Nio – The shares of the China-based electric vehicle maker rose nearly 7% after Mizuho opened coverage of the stock with a buy rating. The company has set a target price of $ 60 on the stock, which is 45% above where the stock closed on Wednesday.
Boeing – Boeing shares fell about 3% in midday trading to a 52-week high after a report said the aircraft maker is on the verge of closing a billion dollar order for its 737 Max 7 jets from Southwest Airlines . A source told Reuters that the deal could potentially go beyond 100 firm orders plus significant options.
AMC Entertainment – The cinema chain’s stocks rose nearly 3.7% after AMC reported better-than-expected revenue in the fourth quarter. The company had sales of $ 162.5 million, while analysts surveyed by Refinitiv expected $ 142.3 million. The company’s CFO said in response to an investor call that the company had more than $ 1 billion in cash by the end of February and is looking for ways to raise more capital, according to a FactSet minutes.
Tesla – Elon Musk’s electric car maker gained around 3.5%, benefiting from a new buy rating from Mizuho and quieter interest rates that lured traders back into popular tech trades. Reuters also reported that Tesla has raised the prices of some of its car models, which may suggest to some investors that the move could raise margins in the future.
Costco – The big box retailer’s shares fell 1.8% after Wells Fargo upgraded the stock from equal weight to overweight, arguing that some of the positive Covid effects the company is having – like membership growth – will remain in place even if the economy reopens. The Wall Street company also raised its 12-month price target for Costco from $ 340 per share to $ 370 per share.
Party City – The party supply retailer saw prices fall more than 11% after reporting a loss of profits. Party City reported quarterly earnings of 25 cents per share, according to Refinitiv, with the forecasts missing by 6 cents. The 5.9% drop in sales in the same store was also slightly larger than the refinitive consensus estimate of 5.2%.
– CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens, Tom Franck and Rich Mendez contributed to the coverage.