Yahoo Finance Top Gainers: Fifth Third Bancorp, PG&E and Kirkland Lake Gold Rally
Investing.com - Fifth Third Bancorp, PG&E Co. and Kirkland Lake Gold rose on Tuesday, shrugging off the rout in the broader market.
Fifth Third Bancorp (NASDAQ:FITB) (FITB) rose 2% after reporting earnings and revenue that topped Wall Street expectations.
The financial services company posted earnings of $0.69 a share on $1.66 billion in revenue, exceeding estimates for earnings of $0.67 a share on $1.65 billion in revenue.
Beleaguered utility Pacific Gas & Electric (NYSE:PCG) clawed back some of its recent losses after it secured $5.5 billion in funding to continue operations ahead of its looming bankruptcy. Its shares rose 7.4%.
Four banks, including JPMorgan Chase, Bank of America, Barclays Bank and Citigroup agreed to provide debtor-in-possession funding including a $3.5 billion revolving credit facility.
The utility said it expected to file for bankruptcy on or about Jan. 29.
Shares of PG&E have nosedived more than 80% over the past year as the company is on the hook for liabilities that could potentially exceed $30 billion relating to fatal fires in California last year.
Kirkland Lake Gold (TO:KL), meanwhile, rose nearly 4% after Canaccord Genuity initiated coverage on the stock with a "buy" rating, citing the company's Fosterville and Macassa mines' proven grades and metallurgy and the probability for superior investment returns.
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