Check out the companies making headlines in midday trading.
General Electric — Shares fell 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 8.9% 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 2.9% 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 5.7% 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 9% 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 4.8% 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 16% 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 2.9% 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 7.3% after it reported better-than-expected quarterly earnings. The company also said it benefited from the accelerating rollout of global 5G networks.
— with reporting from Tanaya Macheel, Jesse Pound and Yun Li.
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