Latest News

Stocks making the biggest moves midday: American Express, General Electric, IBM and more

0
Scott Eells | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

General Electric — Shares fell more than 6% after the company missed revenue estimates for the fiscal fourth quarter. The conglomerate reported 92 cents in adjusted earnings per share on $20.3 billion in revenue. Analysts surveyed by Refinitiv were looking for 85 cents on $21.53 billion of revenue. The company said supply chain issues weighed on its sales.

American Express — The credit card stock surged 8% after American Express beat estimates on the top and bottom lines for the fourth quarter. The payments company earned $2.18 per share on $12.15 billion in revenue. Analysts surveyed by Refinitiv were expecting $1.87 in earnings per share on $11.5 billion of revenue. American Express also said it expected revenue growth of 18% to 20% in 2022.

ARK Innovation — Shares of Cathie Wood’s flagship exchange-traded fund fell 5% in midday trading as growth names continued their downward spiral. Coinbase, one of the fund’s largest holdings, fell 2.5%. Tesla dropped more than 2% and Unity Software lost 5.8%. Exact Sciences and Twilio fell 5.6% each.

IBM — The software and services company’s stock climbed more than 2% following a better-than-expected quarterly report. IBM reported that its revenue climbed 6% in the fourth quarter, surpassing expectations. The company spun out its managed infrastructure services unit during the quarter into a publicly held company named Kyndryl.

PetMed Express – Shares of the pet products seller jumped about 5% despite a disappointing earnings report. PetMed Express reported quarterly profit of 21 cents per share, 9 cents shy of consensus estimates, according to Refinitiv. Its revenue also came below expectations.

Xerox — The digital printing company fell more than 5% in midday trading after missing Wall Street’s revenue forecast for its fourth-quarter earnings. Xerox made $1.78 billion in revenue, lower than he forecast $1.82 billion, according to Refinitiv. The company did, however, beat on earnings.

Allscripts Healthcare Solutions — Shares soared more than 14% after the company issued preliminary quarterly earnings and revenue results that topped Wall Street forecasts. The provider of physician practice management technology also announced a new $250 million share repurchase program.

Johnson & Johnson – The vaccine maker gained 1.3% after the company reported quarterly earnings of $2.13 a share, which beat estimates by a penny. Revenue came in below analysts’ expectations, but Johnson & Johnson also gave an upbeat full-year forecast.

Ericsson – The Swedish telecom equipment maker saw its shares jump more than 7% after it reported better-than-expected quarterly earnings. The company also said it benefitted from the accelerating rollout of global 5G networks.

— with reporting from Tanaya Macheel, Jesse Pound and Yun Li.

Thankfully, the Fed has decided to stop digging, but it has a lot of work to do before it gets us out of hole we’re in

Previous article

BlackRock’s Rieder says Fed will tighten policy, so investors need to be conservative for now

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News