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

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Check out the companies that hit the headlines in Wednesday midday trading /

Netflix – Coupon of streaming giant 35% off after Netflix reported lost 200,000 subscribers in the most recent quarter. Netflix cited increasing competition, password sharing and the situation in Ukraine as reasons for the drop. News leads to a downgrade wave from the big companies on Wall Street.

Disney, Paramount Shares of video streaming companies fell after Netflix reported losing subscribers for the first time in more than a decade. Disney fell 4.3%, Roku 3.7% off and HBO Max owners Discovery of Warner Bros. decreased by about 6.1%. Paramount (formerly ViacomCBS) is down 7%.

M&T Bank – Shares of regional banks rose 9.4% after M&T Bank beat earnings expectations. M&T Bank reported earnings of $2.73 per share, higher than the $2.19 per share that analysts surveyed by Refinitiv expected.

Procter & Gamble Procter & Gamble shares jumped more than 2% after the consumer packaged goods company reported better-than-expected results for its fiscal third quarter and boosted full-year revenue.

IBM – IBM increased 7.3% after beat revenue and earnings in the recent quarter. The company reported adjusted quarterly profit of $1.40 per share, 2 cents higher than Refinitiv’s estimate. Revenue was up 7.7% QoQ, with sales to Kyndryl boosting revenue growth by 5 percentage points.

Omnicom Group – The ad company’s shares jumped more than 5% after Omnicom topped earnings expectations on Tuesday despite taking a hit from its investment in Russian businesses. Omnicom reported earnings of $1.39 per share and revenue of $3.41 billion. Meanwhile, analysts surveyed by FactSet forecast earnings of 1.30 per share and $3.286 billion.

Baker Hughes – Shares of oilfield services fell more than 5% after Baker Hughes missed estimates for the first quarter. The company reported adjusted earnings of 15 cents per share on $4.84 billion in revenue. Analysts surveyed by Refinitiv expect 20 cents per share and revenue of $5.02 billion. Chief Executive Officer Lorenzo Simonelli said in a statement that the results “reflect performance in a highly volatile market environment.”

ASML Shares of the semiconductor maker rose 2.7% after ASML reported outstanding earnings for its most recent quarter. Strong demand from chipmakers to boost production has supported the company.

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

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