Stocks In News: MOTS, GE, CHWY
3:48 pm Thursday, October 06th, 2022
In yet another topsy-turvy session in the markets, investors may want to look for bright spots in this uncertain time. One of today’s biggest winners is Motus GI (NASDAQ:MOTS), a maker of colonoscopy-related medical devices and technologies. Today, a key announcement has resulted in MOTS stock gaining more than 50% so far. This announcement covers a U.S. Patent and Trademark Office (USPTO) decision approving a new patent for Motus’ “cleaning method for prepless colonoscopy.”
Industrial conglomerate General Electric (NYSE:GE) printed red ink in the open market on Thursday afternoon, with management announcing that it will lay off workers at its onshore wind turbine business, per an exclusive report from Reuters. The cuts represent part of a plan to restructure and resize the company. Although GE stock may appear promising to long-term investors, it struggled this year amid weak demand, rising costs and supply chain delays. Reuters interviewed four sources familiar with the layoffs. They noted that the company notified employees in North America, Latin America, the Middle East and Africa about the cuts. As well, GE will likely pink slip onshore wind workers in Europe and the Asia-Pacific at a later date.
Momentum has continued to smile on Chewy (NYSE:CHWY), an e-commerce firm specializing in pet food and other pet-related products, with analysts at research firm YipitData anticipating that the company will beat third-quarter estimates. CHWY stock gained about 2% in the early afternoon session on Thursday after a blistering performance yesterday. Over the trailing five days, CHWY gained 20%. Experts at YipitData anticipate $2.46 billion in sales, representing an 11%-plus increase from the year-ago period, according to Yahoo Finance. In particular, the financial news arm points to customer loyalty, with 73% of Chewy’s total order volume coming from its auto-ship program. Because of the constant flow of goods, over the last year, net sales per customer increased 14% to $462.