The IBM logo is visible on a smartphone.
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See the companies that appear in the headlines in the lunch trade on Wednesday /
Netflix – Shares of the streaming giant sank 35% after Netflix reported a loss of 200,000 subscribers in the last quarter. Netflix cited growing competition, password sharing and the situation in Ukraine as reasons for the decline. The news led to a wave of downgrades from large Wall Street companies.
Disney, Paramount – Shares of streaming video companies fell after Netflix reported a loss of subscribers for the first time in more than a decade. Disney was down 4.3 percent, Roku was down 3.7 percent and HBO owner Max Warner Bros. Discovery was down about 6.1%. Paramount (formerly ViacomCBS) fell 7%.
M&T Bank – Shares of the regional bank rose 9.4% after M&T Bank exceeded earnings expectations. M&T Bank reported earnings of $ 2.73 per share, which is more than $ 2.19 per share expected by analysts surveyed by Refinitiv.
Procter & Gamble – Shares of Procter & Gamble rose more than 2% after the consumer packaging company reported better-than-expected results for its fiscal third quarter and raised its full-year revenue forecasts.
IBM – IBM rose 7.3% after losing revenue and profits in the last quarter. The company reported adjusted quarterly earnings of $ 1.40 per share, 2 cents above Refinitiv’s estimate. Revenue rose 7.7 percent from the previous quarter, with Kyndryl’s sales rising revenue growth by 5 percentage points.
Omnicom Group – Shares of the advertising company jumped more than 5% after Omnicom exceeded expectations for Tuesday’s earnings, despite a blow to its investment in Russian business. Omnicom reported earnings of $ 1.39 per share and revenue of $ 3.41 billion. By comparison, analysts surveyed by FactSet forecast earnings of $ 1.30 per share and $ 3.286 billion.
Baker Hughes – Shares of oil services fell more than 5% after Baker Hughes missed estimates for the first quarter. The company reported 15 cents adjusted earnings per share on revenue of $ 4.84 billion. Analysts polled by Refinitiv expected 20 cents a share and $ 5.02 billion in revenue. Chief Executive Officer Lorenzo Simonelli said in a statement that the results “reflect work in a very changing market environment”.
ASML – Shares of the semiconductor equipment manufacturer jumped 2.7% after ASML reported a decline in profits for its last quarter. Strong demand from chipmakers to increase production has supported the company.
– CNBC’s Tanya Machel, Hannah Miao, Jesse Pound and Samantha Subin contributed to the report.
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