American Express, General Electric, IBM and more
Scott Eells | Bloomberg | Getty Images
These are the headline-grabbing companies in midday trading.
General Electric — Shares fell more than 6% after the company missed revenue estimates for the fiscal fourth quarter. On $20.3 billion of revenue, the conglomerate earned 92 cents per share in adjusted earnings. Refinitiv’s analysts expected to earn 85 cents per $21.53 billion in revenue. According to the company, supply chain problems influenced 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. Payouts company received $2.18 per share for $12.15 million in revenue. Refinitiv polled analysts to determine their expectations for earnings of $1.87 per share on revenue of $11.5 billion. American Express said that it expects revenue growth between 18% and 20% by 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 fell 2.5%, making it one of the biggest holdings in the fund. Tesla fell more than 2 percent, and Unity Software dropped 5.8%. Exact Sciences and Twilio each fell 5.6%.
IBM — The software and services company’s stock climbed more than 2% following a better-than-expected quarterly report.IBM revealed that it saw its fourth-quarter revenue rise by 6%, exceeding expectations. In the fourth quarter, IBM spun off its managed infrastructure service unit into Kyndryl, a public company.
PetMed Express – Shares of the pet products seller jumped about 5% despite a disappointing earnings report. According to Refinitiv, PetMed Express posted a quarterly profit of 21c per share. This is 9 cents less than consensus estimates. Refinitiv also reported that revenue fell short of 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. Refinitiv reports that Xerox’s revenue was $1.78 Billion, less than he predicted would be $1.82B. But, the company beat earnings.
Allscripts Healthcare Solutions — Shares soared more than 14% after the company issued preliminary quarterly earnings and revenue results that topped Wall Street forecasts. A new 250 million share repurchase programme was also announced by the provider of medical practice management software.
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. It also stated that it has benefited from global 5G network rollouts.
— with reporting from Tanaya Macheel, Jesse Pound and Yun Li.