Shares of industrial and transportation companies rose after a strong round of earnings.
3M rose after the manufacturing conglomerate posted fourth-quarter sales ahead of Wall Street targets and predicted further increases in demand for its office and factory supplies as vaccinations against Covid-19 lead to more facilities reopening.
General Electric shares rose after the manufacturer posted $4.4 billion in fourth-quarter cash flow, ending 2020 without burning cash, a year ahead of schedule. For more than a year, Wall Street analysts had warned that GE's cash burn put the conglomerate in a precarious position because of its exposure to ailing aerospace and coal-utility industries.
An investment venture between investment firm General Atlantic and credit veteran Tripp Smith is teaming up with minority shareholders of auto-parts supplier Garrett Motion to propose an alternate restructuring to the proposal from the company's founders.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-26-21 1721ET
