Stocks making the biggest moves midday: GameStop, General Electric, DraftKings and more

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A General Electric (GE) sign is seen at the second China International Import Expo (CIIE) in Shanghai, China November 6, 2019.

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Aly Song | Reuters

Check out the companies making headlines in midday trading.

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General Electric — Shares rose nearly 4% after General Electric’s industrial free cash flow came in better than expected for the fourth quarter. The company reported $4.37 billion for the metric after CEO Larry Culp had previously projected at least $2.5 billion. GE’s earnings per share missed expectations, but revenue was higher than analysts had projected, according to Refinitiv.

GameStop — The brick-and-mortar gaming retailer’s shares jumped 14% higher after briefly topping $100 as investors’ buying frenzy continued. The stock turned sharply higher as Social Capital’s Chamath Palihapitiya said in a tweet that he bought GameStop call options betting the stock will go higher. GameStop has rallied more than 300% in January alone as an army of retail investors marshaled against short sellers in online chat rooms.

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Bed Bath & Beyond — The retailer’s shares popped 7%, despite two downgrades from Wall Street firms advising clients to take profits after Bed Bath & Beyond’s recent surge. Shares rose as much as 40% Monday as individual investors deliberately bought up shares of the embattled retailer, forcing hedge funds to cover their losses from shorting the stocks.

DraftKings — Shares of the sporting betting company rallied 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 jumped 6%, hitting their highest level since July, after the firm announced a new line of CBD products for pets led by Martha Stewart. The new offerings include oil drops and soft-baked chews.

American Express — The payments stock slipped 2.3% after the company reported its fourth quarter results. American Express reported $1.76 in earnings per share, above the $1.31 per share expected by analysts surveyed by Refinitiv. Revenue was in line with expectations at $9.35 billion. The fall for American Express continues a trend of financial stocks falling despite reporting bottom-line beats in the fourth quarter.

3M – Shares of the manufacturing company gained more than 2% after 3M beat top and bottom line estimates during the third quarter. The company earned $2.38 per share on an adjusted basis during the period, which was 23 cents ahead of analyst expectations. Revenue came in at $8.58 billion, ahead of the expected $8.4 billion. 3M said it saw heightened demand for its health care products, including N95 masks.

Raytheon Technologies – Raytheon Technologies’ shares advanced more than 3% after the company’s fourth quarter earnings results exceeded Street expectations. The defense contractor earned 74 cents per share on an adjusted basis, and reported $16.42 billion in revenue. Analysts surveyed by Refinitiv were forecasting 70 cents and $16.24 billion.

Johnson & Johnson — Shares of the drug and and consumer products company 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 of analysts by Refinitiv. The company also said it would release key details on its coronavirus vaccine “soon.”

Polaris — Shares of the manufacturer of motorcycles and snowmobiles rose nearly 3% after beating on the top and bottom lines of its quarterly earnings. Polaris reporting 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 reporting from CNBC’s Yun Li, Pippa Stevens and Jesse Pound.

(With inputs from CNBC)

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