IBM’s logo seen displayed on a smartphone.
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Check out the companies making headlines in midday trading.
Ford — Shares of the U.S. automaker dipped about 1%, retreating from an all-time high hit in the previous session. The stock jumped 6.2% Thursday following positive comments from Deutsche Bank and Barclays on Ford’s product plans and reporting of fourth-quarter earnings on Feb. 4. JPMorgan also upgraded Ford to overweight from equal weight on Friday. The stock has rallied more than 16% this week, on pace for its best week since June.
IBM — Shares of IBM sank 10% following its earnings report that showed a decline in revenue larger than analysts expected. IBM made $20.37 billion in revenue in the fourth quarter, missing estimates of $20.67 billion, according to Refinitiv. Earnings, however, topped estimates.
Intel — Shares of the chipmaker tumbled more than 8% despite the company’s better-than-expected results for its fourth quarter. 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 equity price decline was a reversal of a late-session spike on Thursday that followed an early release of Intel’s results.
CSX Corp. — Shares of the railroad company slid more than 2% despite CSX beating top and bottom line estimates during the fourth quarter. The company reported $1.04 in profit per share on an adjusted basis, which was 3 cents above consensus forecasts. Revenue came in at $2.83 billion, which was ahead of the expected $2.77 billion, according to estimates from FactSet.
Seagate Technology — Seagate shares dropped nearly 6% in midday trading despite decent earnings results. The downward pressure is likely thanks 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 clear driver of near- term upside, or certainty around a longer term technological advantage, we are maintaining our Neutral view on the name.”
PPG Industries — The paint maker’s stock also dropped in midday trading notwithstanding profit and sales that topped expectations for the fourth quarter. Atlantic Equities analyst Sam Hudson noted that the company failed to provide fiscal-year 2021 guidance 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 Pound contributed reporting
(With inputs from CNBC)
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