Brendan McDermid | Reuters
Traders work on the floor of the New York Stock Exchange.
Check out the companies making headlines midday Tuesday:
Caterpillar, Deere, Boeing — These global trade bellwethers rose at least 1.6 percent as Wall Street bet on the increased likelihood of a U.S.-China trade deal. Both sides expressed hopes the new round of negotiations, which began in Beijing on Monday, would bring them closer to a comprehensive trade agreement.
Under Armour — Shares of Under Armour rose more than 6 percent after the company reported strong earnings. The athletic apparel maker reported an adjusted profit of 9 cents per share for the fourth quarter, beating the consensus estimate of 4 cents. Revenue also beat forecasts, with results being helped by higher sales and fewer discounts.
Coty — Coty stock surged more than 12 percent after private equity firm JAB announced a tender offer to increase its stake in the cosmetics company by 150 million shares. The offer price is $11.65 per share, and a successful offer would bring its total holdings to just under 451 million shares, or about 60 percent of the company’s common stock.
Brighthouse Financial — Shares of Brighthouse Financial jumped nearly 14 percent after the insurer released stronger-than-expected earnings. The fourth-quarter earnings per share came in at $1.68, beating Wall Street consensus of $1.54, according to FactSet.
Cisco Systems — Shares of the tech company fell early Tuesday after Morgan Stanley downgraded the stock to equal weight from overweight, citing a slowdown in Cisco’s network security business. Cisco shares recovered later in the day and closed 0.65 percent higher.
Molson Coors Brewing — Shares of the international brewer fell more than 9 percent Tuesday after the company said in its fourth-quarter earnings report that revenue fell 6 percent from the prior quarter. The company cited the year’s rising costs in transportation and aluminum for weaker earnings.
Shopify — Shares of the Canadian e-commerce company fell as much as 7.2 percent after issuing adjusted operating guidance well below for both the first-quarter and the year 2019. This comes despite the company reporting better-than-expected earnings and revenue for the fourth quarter.