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Take a look at the companies that make headlines in midday trading on Wednesday/
Netflix — Shares of the the streaming giant sank 35% after Netflix reported a loss of 200,000 subscribers in the most recent quarter. Netflix cited increased competition, password sharing and the situation in Ukraine among reasons for the drop. The news caused a wave of sales of the major Wall Street firms.
Disney, Supreme — Shares of video streaming companies fell after Netflix reported a loss in subscribers for the first time in more than a decade. Disney fell 4.3%, roku fell 3.7%, and the owner of HBO Max Discovery of Warner Bros. down 6.1%. Paramount (formerly ViacomCBS) decreased 7%.
M&T Bank — Shares of the regional bank rose 9.4% after M&T Bank beat earnings expectations. M&T Bank reported earnings of $2.73 per share, above the $2.19 per share expected by analysts surveyed by Refinitiv.
Procter & Gamble — Shares of Procter & Gamble rose more than 2% after the consumer packaged goods company reported better-than-expected results for its fiscal third quarter and raised its full-year revenue guidance.
IBM — IBM rose 7.3% after exceeding revenue and profit in the recent quarter. The company reported an adjusted quarterly profit of $1.40 per share, 2 cents above Refinitiv’s estimate. Revenue increased 7.7% from the prior year quarter, with sales to Kyndryl driving revenue growth by 5 percentage points.
Omnicom Group — Shares of the advertising company soared more than 5% after Omnicom beat earnings expectations on Tuesday despite taking a hit to its investment in Russian companies. Omnicom reported earnings of $1.39 per share and revenue of $3.41 billion. By comparison, analysts surveyed by FactSet forecast earnings of $1.30 per share and $3.286 billion.
Baker Hughes — Oil services stocks fell more than 5% after Baker Hughes missed first-quarter estimates. The company reported 15 cents in adjusted earnings per share on $4.84 billion of revenue. Analysts surveyed by Refinitiv had expected 20 cents a share and $5.02 billion in revenue. Chief Executive Lorenzo Simonelli said in a statement that the results “reflect operating in a very volatile market environment.”
ASML — Shares of the semiconductor equipment maker rose 2.7% after ASML reported a profit gain in its most recent quarter. Strong demand from chipmakers to boost production supported the company.
— CNBC’s Tanaya Macheel, Hannah Miao, Jesse Pound and Samantha Subin contributed to this report.