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


IBM logo on a smartphone

Rafael Henrique | SOPA Images | LightRocket | Getty Images

Take a look at the top companies in Wednesday’s midday trading.

Netflix — Shares of the streaming giant sank 35% after Netflix reported a loss of 200,000 subscribersIn the last quarter. Netflix pointed out that the reason for the drop was due to increased competition, password sharing, and the Ukraine situation. It was the news that led to a wave of downgradesMajor Wall Street businesses.

Disney, Paramount Netflix’s first subscriber loss in over a decade caused shares to plummet. Disney dropped 4.3%, RokuDropped 3.7%. HBO Max owner Warner Bros. DiscoveryThis was a 6.1% decrease.

M&T Bank — Shares for the regional bank surged 9.4% after M&T Bank exceeded earnings expectations. M&T Bank reported earnings of $2.73 per share, which was above $2.19 per share expected by analysts surveyed by Refinitiv.

Procter & Gamble — Shares of the Procter & Gamble rose more than 2% after the consumer packaged goods company reported better-than-expected results for its fiscal third-quarter and hiked its full-year revenue guidance.

IBM — IBM surged 7.3% after beating on revenue and earningsThe most recent quarter. Adjusted quarterly profits of $1.40 per shares were reported by the company, which is 2 cents more than a Refinitiv estimate. The revenue rose 7.7% compared to the previous quarter. Revenue growth was boosted by Kyndryl sales, which accounted for 5 percentage points of revenue growth.

Omnicom Group — Shares for the advertising company spiked more than 5% after Omnicom topped earnings expectations on Tuesday despite taking a hit to its investment in Russian businesses. Omnicom posted earnings of $1.39 per sen and revenue of $3.41billion. Comparatively, FactSet analysts forecasted earnings at 1.30 per share for Omnicom and revenues of $3.41 billion for FactSet.

Baker Hughes — The oilfield services stock slid more than 5% after Baker Hughes missed estimates for the first quarter. On $4.84 trillion in revenue, the company earned 15 cents per share. Refinitiv surveyed analysts and found that they expected 20 cents per share, $5.02 billion revenue. Lorenzo Simonelli, CEO of Refinitiv stated in a press release that these results reflect “operating in volatile markets.”

ASML — Shares for the semiconductor equipment maker jumped 2.7% after ASML reported an earnings beat for its most recent quarter. The company was supported by strong demand from chip manufacturers to increase production.

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