Major Wall Street indices recorded mixed performance on Wednesday as investors and traders assessed the latest set of corporate earnings, including that of Microsoft Corp (NASDAQ:
IBM (NYSE:IBM) reported quarterly earnings of $3.60 per share which met the analyst consensus estimate. This is a 7.46 percent increase over earnings of $3.35 per share from the same period last year. The company
U.S. stocks look set to start Wednesday’s session on the back foot as traders digest mixed earnings news flow and continued pouring in of weak economic data points.
Cues From Tuesday’s Trading:
Netflix, Inc. (NASDAQ: NFLX) shares jumped nearly 8.5% on Friday before settling at their highest level since April 19, 2022, when shares plunged after the company reported its first loss in net paid subscriber adds in a decade.
"Earnings Season Is Upon Us" Edition
The following companies will be reporting quarterly results over the next week or so:
Intel (INTC) - Thursday, January 26 after market
IBM Common Stock (NYSE: IBM) shares are trading lower going into the close of Wednesday's session after Morgan Stanley downgraded the stock from Overweight to Equal-Weight.
What Else?
Morgan Stanley cut the price target for IBM (NYSE: IBM) from $152 to $148. Morgan Stanley analyst Erik Woodring downgraded the stock from Overweight to Equal-Weight. IBM shares fell 2.3% to $141.80 in pre-market trading.
U.S. stocks may get off to a nervous start on Wednesday, as apprehensions concerning fourth-quarter earnings and the state of the economy continue to weigh down.