Netflix, M&T Bank, Baker Hughes, IBM & more

IBM’s logo seen displayed on a smartphone.

Rafael Henrique | SOPA Images | LightRocket | Getty Images

Check out the companies making headlines in midday trading Wednesday/

Netflix — Shares of the streaming giant sank 35% after Netflix reported a loss of 200,000 subscribers in the most recent quarter. Netflix cited increasing competition, password sharing and the situation in Ukraine among the reasons for the dip. The news led to a wave of downgrades from major Wall Street firms.

Disney, Paramount — Shares of streaming video companies fell after Netflix reported a loss in subscribers for the first time in more than a decade. Disney dropped 4.3%, Roku fell 3.7%, and HBO Max owner Warner Bros. Discovery was off about 6.1%.Paramount (formerly ViacomCBS) declined 7%.

M&T Bank — Shares for the regional bank surged 9.4% after M&T Bank exceeded earnings expectations. M&T Bank reported earnings of $2.73 per share, which was above $2.19 per share expected by analysts surveyed by Refinitiv.

Procter & Gamble — Shares of the Procter & Gamble rose more than 2% after the consumer packaged goods company reported better-than-expected results for its fiscal third-quarter and hiked its full-year revenue guidance.

IBM — IBM surged 7.3% after beating on revenue and earnings in the recent quarter. The company reported an adjusted quarterly profit of $1.40 per share, 2 cents above a Refinitiv estimate. Revenue rose 7.7% over the year-ago quarter, with sales to Kyndryl lifting revenue growth by 5 percentage points.

Omnicom Group — Shares for the advertising company spiked more than 5% after Omnicom topped earnings expectations on Tuesday despite taking a hit to its investment in Russian businesses. Omnicom reported earnings of $1.39 per share and revenues of $3.41 billion. In comparison, analysts surveyed by FactSet were forecasting earnings of 1.30 per share and $3.286 billion.

Baker Hughes — The oilfield services stock slid more than 5% after Baker Hughes missed estimates for the first quarter. The company reported 15 cents in adjusted earnings per share on $4.84 billion of revenue. Analysts surveyed by Refinitiv were expecting 20 cents per share and $5.02 billion in revenue. CEO Lorenzo Simonelli said in a release that the results “reflect operating in a very volatile market environment.”

ASML — Shares for the semiconductor equipment maker jumped 2.7% after ASML reported an earnings beat for its most recent quarter. Strong demand from chip makers to boost production supported the company.

— CNBC’s Tanaya Macheel, Hannah Miao, Jesse Pound and Samantha Subin contributed reporting.

Source link

Denial of responsibility! galaxyconcerns is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave A Reply

Your email address will not be published.