Top Gainers: GE, Ciena, Aflac Soar as Wall Street Struggles for Gains
Investing.com – General Electric , Ciena and Aflac soared heading into the close Thursday, sidestepping a weaker backdrop for the broader market.
Networking equipment company Ciena (NYSE:CIEN) rallied more than 7% after the company beat fourth-quarter estimates and guided fiscal 2019 and first-quarter revenue above consensus, sending its share price more than 7% higher.
The company attributed its upbeat results to strong demand from webscale players, tier one telecommunications service providers and Asia.
Ciena also guided first quarter and fiscal 2019 revenue above estimates.
Insurance company Aflac (NYSE:AFL) soared 8% after Japan Post Holdings reportedly was set to spend $2.6 billion for a 7%-8% stake in the company, according to Nikkei Asian Review.
The move is part of Japan Post’s strategy to expand overseas as the health insurance domestic market in Japan continues to decline. The deal is expected to get approved by the end of December and completed by the end of 2019.
General Electric (NYSE:GE) climbed 7% as JPMorgan delivered a more upbeat assessment on the conglomerate's balance sheet and ability to raise capital.
JPMorgan cited improved visibility on the "known unknowns" of General Electric's balance sheet and improved risk-to-reward profile.
General Electric also announced it will launch a new Industrial Internet of Things software company, which would operate as a wholly-owned and independently-run GE business with $1.2 billion in annual software revenue.
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