2 months ago
Stock Market

Top Gainers: General Electric, Nvidia, Neflix Rally

Nvidia, Neflix and General Electric were in rally mode Monday, keeping the broader market on course to make an upbeat

Nvidia, Neflix and General Electric were in rally mode Monday, keeping the broader market on course to make an upbeat start to the week.

Netflix's (NASDAQ:NFLX) massive cash burn appeared to reap rewards as the streaming giant dominated the Golden Globes, picking up five awards, the most of any network or streaming service, sending its shares soaring 5%.

Netflix said in October that cash burn in 2018 is expected to come in at the low end of its original outlook in the range of $3 billion to $4 billion.

Nvidia (NASDAQ:NVDA) whetted both investor and gamer interest after unveiling new graphics chips Sunday, including the Geforce RTX 2080, RTX 2070 and RTX 2060 GPUs, to gaming laptops. Its shares jumped 6%.

More than 40 models of RTX graphics cards will begin rolling out on Jan. 29, the company confirmed.

The move comes as the chipmaker seeks to offset falling demand for desktop graphic cards as the "crypto craze," which had sparked a surge in desktop GPU demand to mine cryptocurrencies has fizzled out.

General Electric (NYSE:GE) rallied 5% on continued optimism that the company's airplane leasing division, GE Capital Aviation Service, reportedly could be sold to private equity group Apollo Global Management for about $40 billion.

JPMorgan warned, however, that if GE's airplane leasing division fails to command a lofty valuation, then it could "deflate the bull thesis" for GE.