Here are the companies making headlines on Wall Street.
General Electric – Shares of the industrial name slid more than 5% after GE said it’s selling its jet leasing business to rival AerCap. The deal is valued at $30 billion, and comes as the aviation industry continues to feel the impacts of Covid-19. The deal would give GE a 46% stake in the combined company and generate about $24 billion in cash.
Tupperware Brands – The consumer goods stock dropped 22% after Tupperware reported its fourth quarter earnings. The company’s $489.6 million in revenue was about $50 million above analyst expectations, according to FactSet, but it wasn’t clear if the 14 cents in adjusted earnings per share was comparable to estimates. The company’s sales in the Asia Pacific region were also down slightly year over year.
United Natural Foods – The grocery wholesale stock jumped more than 20% after United Natural Foods reported better-than-expected earnings for its fiscal second quarter. The company reported $1.25 in adjusted earnings per share on $6.89 billion of revenue. Analysts surveyed by FactSet were looking for 86 cents per share on $6.91 billion in revenue. The company also said it expects full-year earnings to be near the top end of its guidance range.
GameStop – Shares of the video game retailer and other popular Reddit stocks continued their volatile moves on Wednesday. GameStop surged about 36%, going back above $300 per share, while AMC Entertainment rose 14%.
Sunrun – The solar stock rose more than 4% after Morgan Stanley upgraded the company to overweight from equal weight. The firm said in a note that the company should be a beneficiary of clean energy legislation that is expected from the Democrat-controlled Washington.
Toll Brothers – Shares of the luxury home builder gained about 4.6% after it announced a 54% increase in its quarterly dividend to 17 cents per share from the prior 11 cents. Shares of Toll Brothers are up more than 30% in 2021.
Wells Fargo – The bank stock rose nearly 3% amid a rally in cyclical sectors. Morgan Stanley also raised its price target on Wells Fargo to $47 from $43, citing lower credit costs and higher loan growth from rising oil prices. The new forecast represents a 20% gain from here. The stock has already rallied almost 30% year to date.
Campbell Soup– Shares of Campbell fell about 0.2% after the company posted fiscal second-quarter results that matched Wall Street predictions. The company logged earnings per share of 84 cents on revenue of $2.28 billion. Campbell also said it’s expecting full-year adjusted earnings per share of $3.03 to $3.11, compared with a Refinitiv estimate of $3.05 per share.