Traders work under a display showing the General Electric Co. sign on the floor of the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images
Check out the companies that make headlines in afternoon trading:
General Electric – Shares of GE ruled as much as 14% shares after Madoff warns Harry Markopolos accused the company of issuing fake accounts to cover solve its problems. Markopolos targeted former and current executives in its report, saying that GE is "a bigger fraud than Enron."
Tapestry – Shares of Coach and Kate Spade owner Tapestry cratered almost 20% after the company missed revenue in the fourth quarter. Tapestry reported revenue of $ 1.514 billion, according to analysts estimates of $ 1.533 billion, according to FactSet. A bright spot in the report was Kate Spades's larger-than-expected fall in sales at the same store of 6%, while analysts expected a fall of 1.39%.
Cisco— Cisco shares plunged more than 7% after the tech giant gave poor guidance, saying revenues would be easier than expected as a "significant impact" from the US and China trade wars weighted the business. The tech giant also said China revenue fell 25% on a year-over-year basis last year.
Pivotal Software – Pivotal increased 66% after VMware said it is in talks to buy the software company's A-shares for $ 15 apiece. Pivotal's shares had fallen 66% in the last year before the announcement when the company hit a weakened demand for its cloud capabilities.
Shake Shack – Shake Shack shares rose almost 5% and hit a new 52-week high on Thursday after SunTrust raised its price target on the restaurant chain to $ 102 per share from $ 86 per share. Analysts at SunTrust said they expect the company to add new menu items next year and to benefit from an exclusive delivery partnership with Grubhub.
NetApp— NetApp shares jumped 4% after the cloud data services company reported quarterly earnings of 65 cents per share, 7 cents above estimates per Refinitive. The company also gave better expectations in the future than expected.
Alibaba – Ecommerce shares rose 2.2% after announcing better revenue and revenue than expected for the June quarter. The company reported diluted earnings per share of 12.55 yuan, compared to expected 10.25 yuan according to the Refinitive estimates. The company has experienced growth with its successful cloud division and core business, including the Tmall and Taobao shopping platforms.
– CNBC's Elizabeth Myong and Jesse Pound contributed to this report.