As markets appear to open in a risk-off fashion that hasn’t stopped shares of Gogo ( NASDAQ: GOGO ) from climbing. The stock has tracked higher after it agreed to repurchase 1.5M shares of common stock.
At the other end of the spectrum, FedEx Corporation ( NYSE: FDX ) has plummeted lower by 20% after delivering weak preliminary Q1 results. Also trading to the downside are shares of General Electric Company ( NYSE: GE ) and Huntsman Corporation ( NYSE: HUN ). GE has fallen on supply chain related issues while HUN declined as it trimmed its profitability outlook.
Gainer
Gogo ( GOGO ) ticked higher in early market trading by 1% as the company agreed to repurchase 1.5M shares of common stock owned by affiliates of BlackRock in a private transaction. The repurchase equates to a purchase price of $18,345,000, or $12.23/share.
Decliners
FedEx Corporation ( FDX ) cratered into the ground during Friday’s premarket trading session as the stock has fallen 20.2% . FDX’s decline can be attributed to their reported preliminary Q1 results that widely missed estimates , hurt by global volume softness. The company expects Q1 adj. EPS of $3.44, well below forecast expectations of $5.14.
Shares of General Electric Company ( GE ) are in the red Friday morning as the stock slid 4.3% . GE feels the heaviness as CFO Carolina Dybeck Happe said ongoing supply-chain issues are pressuring the company's cash flow .
Huntsman Corporation ( HUN ) is lower by 7.5% as the manufacturer and marketer of chemical products has cut its profitability outlook for the third quarter. HUN now anticipates adjusted EBITDA from continuing operations to be between $260M and $280M compared to its previous outlook of 310M and $355M.
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Hot Stocks: FDX plunges 20%, GE falls on supply chain issues, HUN slides, and GOGO rises