The companies are making news in midday trading.
The company missed revenue estimates for the fourth quarter. The conglomerate reported adjusted earnings per share of 92 cents. Analysts were looking for 85 cents on $21.53 billion of revenue. The company said it was affected by supply chain issues.
The credit card stock surged after American Express beat estimates for the fourth quarter. The company earned over $12 billion in revenue. The analysts were expecting earnings per share of $1.87 and revenue of $11.5 billion. American Express said it expected revenue to grow by 20%.
ARK Innovation's flagship exchange-traded fund fell in midday trading as growth names continued their downward spiral. One of the fund's largest holdings fell 2.5%. The two companies lost a lot of money: Unity Software lost 5.8% andTesla dropped 2%. The two companies fell 5.6% each.
IBM's stock climbed after the company reported a better-than-expected quarterly report. IBM's revenue increased in the fourth quarter. The company spun out its managed infrastructure services unit during the quarter.
Despite a disappointing earnings report, shares of the pet products seller jumped 9%. The company reported a profit of 21 cents per share, 9 cents shy of the consensus estimate. Its revenue came in below expectations.
Xerox fell 4.8% in midday trading after missing Wall Street's revenue forecast for the fourth quarter. Xerox made less revenue than he anticipated. The company beat on earnings.
The company issued preliminary earnings and revenue results that exceeded expectations. A new $250 million share repurchase program has been announced by the provider of physician practice management technology.
The vaccine maker gained 2.9% after it reported quarterly earnings that beat estimates. Revenue came in below expectations, but also gave an upbeat full-year forecast.
The Swedish telecom equipment maker saw its shares jump after it reported better-than- expected quarterly earnings. The company said it was helped by the fast roll out of global 5G networks.
Reporting from Tanaya Macheel, Jesse Pound and Yun Li.
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