Traders work before the closing bell at the New York Stock Exchange on Aug. 14, 2019 in New York City.
JOHANNES EISELE | AFP | Getty Images
Check out the companies making headlines in midday trading on Friday:
General Electric — Shares of General Electric soared 9.7% after analysts and the company’s CEO stood behind the stock following a report alleging accounting issues. GE’s stock tumbled Thursday after Madoff whistleblower Harry Markopolos called the company’s accounting “a bigger fraud than Enron,” but CEO Larry Culp bought nearly $2 million worth of stock to signal his confidence and several analysts pushed back against Markopolos conclusions.
Nvidia — Nvidia’s stock jumped 7.3% after it reported better-than-expected fiscal-second quarter earnings. The chip maker earned $1.24 per share, excluding certain items, versus $1.15 per share as expected by analysts, according to Refinitiv. Its revenue also beat estimates.
Dillard’s – Shares of Dillard’s fell 2.3% after the retailer reported an adjusted quarterly loss of $1.74 per share, wider than the 70 cent loss estimated by Wall Street. The retailer’s revenue was also slightly below forecasts, with comparable store sales falling 1%.
Bank stocks — Bank stocks rallied along with the rise in bond yields. The group took a big hit earlier this week as bond yields hit their historic lows and a key part of the yield curve briefly inverted. They came under pressure because falling rates would it harder to make a profit lending money. Citigroup rose more than 3.5%, while Bank of America climbed 3% and J.P. Morgan gained 2.4%.
Deere — Shares of Deere rose 3.8% despite the machinery company missing analyst expectations for earnings and revenue and lowering its full year guidance. The tractor manufacturer reported adjusted earnings of $2.71 per share on $8.97 billion in revenue, missing Wall Street’s estimates of $2.85 per share and $9.39 billion in revenue, according to Refinitiv. The stock was already down 13% for the month, and Rob Wertheimer of Melius Research told CNBC the lowered guidance “wasn’t too bad.”
Tapestry — Shares of Tapestry rebounded on Friday, gaining 2.6% after hitting 52-week lows the day before. Bernstein maintained its outperform rating on the stock, lowering its near-term earnings estimates for the company by 13% but saying “valuation with a long-term view remains compelling, if the brands are not broken.”