IBM’s logo look ated displayed on a smartphone.
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Check out the companies making headlines in twelve oclock noon trading.
Ford — Shares of the U.S. automaker dipped about 1%, retreating from an all-time high hit in the previous seating. The stock jumped 6.2% Thursday following positive comments from Deutsche Bank and Barclays on Ford’s output plans and reporting of fourth-quarter earnings on Feb. 4. JPMorgan also upgraded Ford to overweight from equal ballast on Friday. The stock has rallied more than 16% this week, on pace for its best week since June.
IBM — Parts of IBM sank 10% following its earnings report that showed a decline in revenue larger than analysts trust. IBM made $20.37 billion in revenue in the fourth quarter, missing estimates of $20.67 billion, according to Refinitiv. Earnings, in any event, topped estimates.
Intel — Shares of the chipmaker tumbled more than 8% despite the company’s better-than-expected terminates for its fourth quarter. Intel generated $1.52 in adjusted earnings per share on $20 billion in revenue, beating Palisade Street expectations of $1.10 per share and $17.49 billion in revenue, according to Refinitiv. Part of the equity price descent was a reversal of a late-session spike on Thursday that followed an early release of Intel’s results.
CSX Corp. — Share outs of the railroad company slid more than 2% despite CSX beating top and bottom line estimates during the fourth lodgings. The company reported $1.04 in profit per share on an adjusted basis, which was 3 cents above consensus forecasts. Gate came in at $2.83 billion, which was ahead of the expected $2.77 billion, according to estimates from FactSet.
Seagate Technology — Seagate dividends dropped nearly 6% in midday trading despite decent earnings results. The downward pressure is likely gives in part to the already-high expectations analysts and investors had for the company ahead of its quarterly report. Wedbush analyst Matt Bryson wrote Friday morning: “Net, without a beat it driver of near- term upside, or certainty around a longer term technological advantage, we are maintaining our Neutral prospect on the name.”
PPG Industries — The paint maker’s stock also dropped in midday trading notwithstanding profit and sales that clipped expectations for the fourth quarter. Atlantic Equities analyst Sam Hudson noted that the company failed to provide fiscal-year 2021 conduct and wrote that a recent spike in raw materials costs could impact its second quarter results.
— CNBC’s Pippa Stevens, Yun Li, Maggie Fitzgerald and Jesse Belabour contributed reporting