IBM logo seen displayed on a smartphone.
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Find out which companies are making headlines in midday trading.
Ford – Shares of the US automaker fell about 1%, retreating from an all-time high in the previous session. The stock jumped 6.2% on Thursday after positive comments from Deutsche Bank and Barclays on Ford’s product plans and the release of fourth quarter results on February 4. JPMorgan also improved Ford’s overweighting on Friday. The stock is up more than 16% this week, keeping pace with its best week since June.
IBM – IBM shares fell 10% following its earnings report which showed a larger drop in revenue than analysts expected. IBM posted fourth-quarter revenue of $ 20.37 billion, missing estimates of $ 20.67 billion, according to Refinitiv. However, revenues exceeded estimates.
Intel – Shares of the chipmaker fell more than 8% despite the company’s better-than-expected fourth quarter results. Intel generated $ 1.52 in adjusted earnings per share on $ 20 billion in revenue, beating Wall Street expectations of $ 1.10 per share and $ 17.49 billion in revenue, according to Refinitiv. Part of the decline in stock prices was the reversal of an end-of-session spike on Thursday that followed an early release of Intel’s earnings.
CSX Corp. – Railroad company shares slipped more than 2% despite CSX breaking high and low estimates in the fourth quarter. The company reported $ 1.04 in earnings per share on an adjusted basis, which was 3 cents above consensus forecast. Revenue reached $ 2.83 billion, ahead of the expected $ 2.77 billion, according to FactSet estimates.
Seagate Technology – Seagate shares fell nearly 6% in midday trading despite decent earnings results. The downward pressure is likely due in part to already high analyst and investor expectations for the company ahead of its quarterly report. Wedbush analyst Matt Bryson wrote on Friday morning: “Net, without a clear driver for short-term upside, or certainty around a longer-term technology advantage, we maintain our neutral take on the name. “
PPG Industries – The paintmaker’s inventory also fell in midday trading despite earnings and sales exceeding expectations for the fourth quarter. Atlantic Equities analyst Sam Hudson noted that the company had not provided a forecast for fiscal 2021 and wrote that a recent rise in raw material costs could impact its results for the second. trimester.
– CNBC’s Pippa Stevens, Yun Li, Maggie Fitzgerald and Jesse Pound contributed reporting
