GameStop, General Electric, DraftKings and more

Find out which companies are making headlines in midday trading.

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

GameStop – Shares of the physical game retailer jumped 14% after briefly surpassing $ 100 as the investor buying frenzy continued. The stock has risen sharply as Social Capital’s Chamath Palihapitiya said in a tweet that he bought GameStop call options betting the stock will rise. GameStop rallied over 300% in January alone as an army of retail investors rallied against short sellers in online chat rooms.

Bed Bath & Beyond – Shares of the retailer jumped 7%, despite two downgrades of Wall Street companies advising customers to take profits after the recent surge in Bed Bath & Beyond. Shares rose 40% on Monday as individual investors purposely bought shares of the ailing retailer, forcing hedge funds to cover their losses from short selling the shares.

DraftKings – Shares of the sportsbook company rose more than 6% after Goldman Sachs upgraded DraftKings to buy from third parties. The Wall Street firm said DraftKings is in a leadership position as states legalize gambling.

Canopy Growth – Shares of the cannabis company jumped 6%, reaching their highest level since July, after the company announced a new line of CBD pet products led by Martha Stewart. New offers include oil drops and soft chews.

American Express – Payments headline slipped 2.3% after the company reported fourth quarter results. American Express reported $ 1.76 in earnings per share, higher than the $ 1.31 per share expected by analysts polled by Refinitiv. Revenue was in line with expectations at $ 9.35 billion. The fall in American Express continues a downward trend in financials, despite beating fourth quarter net results.

3M – Shares of the manufacturing company rose more than 2% after 3M beat high and low estimates in the third quarter. The company earned $ 2.38 per share on an adjusted basis during the period, 23 cents more than analysts’ expectations. Revenues rose to $ 8.58 billion, ahead of the expected $ 8.4 billion. 3M said it has seen increased demand for its healthcare products, including N95 masks.

Raytheon Technologies – Shares of Raytheon Technologies rose more than 3% after the company’s fourth quarter results beat Street expectations. The defense contractor earned 74 cents per share on an adjusted basis and reported sales of $ 16.42 billion. Analysts polled by Refinitiv predicted 70 cents and $ 16.24 billion.

Johnson & Johnson – Shares of the drug 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 an analyst survey by Refinitiv. The company also said it will release key details about its coronavirus vaccine “soon”.

Polaris – Shares of the motorcycle and snowmobile maker rose nearly 3% after beating the high and low in its quarterly results. Polaris reports earnings of $ 3.34 per share on revenue of $ 2.16 billion. Wall Street was forecasting 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 of CNBC.