Here are the companies the Yahoo Finance team is watching for you today.
A big boost of confidence by General Electric's (GE) top brass after a recent rout in GE's stock. GE CEO Lawrence Culp purchased over 331,000 shares of the company's stock Monday. Culp isn’t the only executive to invest in GE. Lead director, Thomas Horton, picked up more than 55,000 shares as well. A source close to the matter told Yahoo Finance that these purchases were made to signal confidence in GE's turnaround plan.
It was a huge quarter for JD.com (JD). The Chinese e-commerce giant crushed earnings expectations with adjusted earnings coming in more than five times higher than what the street expected. It also boosted guidance for the third quarter. The CEO says the results show their business model focused on logistics is "superior" to competitors like Alibaba (BABA).
Tencent Music (TME) shares were hit after earnings thanks to a revenue whiff. Sales grew 31% year-over-year, but that was the slowest growth for the entertainment unit of China's Tencent since going public in December 2018. The stock is down more than 10% this year.
Advance Auto Parts (AAP) is driving towards new lows after a weak quarter. It missed on the top and bottom lines, and same-store sales were flat. Now it cut its guidance for the rest of the year. The CFO is blaming "short-term headwinds.” The stock is down nearly 10% so far this year.
CIT Group (CIT) is making a deal. The financial holding company announced that it is acquiring Mutual of Omaha’s savings bank subsidiary for $1 billion dollars in cash and stock. This move will help CIT diversify its funding profile by using Omaha Bank’s homeowners association banking business.