Ford, IBM, Intel and Seagate
The IBM logo is displayed on a smartphone.
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Check out the companies that are making the headlines in midday trading.
Ford – The US automaker’s shares fell about 1%, pulling back from an all-time high in the previous session. The stock rose 6.2% on Thursday after Deutsche Bank and Barclays made positive comments on Ford’s product plans and reported fourth quarter results on February 4. JPMorgan overweighted Ford from equilibrium to Ford on Friday. The stock gained more than 16% this week, making it its best week since June.
IBM – IBM stocks fell 10% after earnings report, which saw sales decline more than analysts’ expectations. According to Refinitiv, IBM had fourth-quarter sales of $ 20.37 billion, missing estimates of $ 20.67 billion. However, the result exceeded estimates.
Intel – The chipmaker’s shares fell more than 8% despite the company’s better-than-expected fourth-quarter results. Intel had adjusted earnings per share of $ 1.52 on revenue of $ 20 billion, beating Wall Street’s expectations of $ 1.10 per share and $ 17.49 billion in revenue, according to Refinitiv . Part of the stock price decline was the reverse of a spike in Thursday’s late session that followed an early release of Intel’s results.
CSX Corp. The railroad company’s shares were down more than 2% despite CSX beating revenue and earnings estimates in the fourth quarter. The company reported adjusted earnings per share of $ 1.04, 3 cents above consensus guidance. Revenue was $ 2.83 billion, which FactSet estimates was above the expected $ 2.77 billion.
Seagate Technology – Seagate shares fell nearly 6% despite decent mid-day earnings results. The downward pressure is also likely due to the already high expectations analysts and investors had of the company prior to the quarterly report. Wedbush analyst Matt Bryson wrote on Friday morning: “Without a clear driver of short-term upside moves or the certainty of longer-term technological advantage, we maintain our neutral view of the name.”
PPG Industries – The paint maker’s stock also fell in mid-day trading, although earnings and sales exceeded expectations for the fourth quarter. Sam Hudson, an analyst at Atlantic Equities, noted that the company did not provide guidance for fiscal 2021, writing that a recent hike in raw material costs could affect second quarter results.
– CNBC’s Pippa Stevens, Yun Li, Maggie Fitzgerald and Jesse Pound contributed to the coverage