Check out the companies making headlines midday Wednesday:
Qualcomm — Qualcomm surged 10.8%, adding to Tuesday’s gains after news broke that the chipmaker reached a settlement with Apple over their royalty dispute, dropping all legal action between the two companies worldwide. The settlement included a payment from Apple to Qualcomm as well as a chipset supply agreement. The news sent Qualcomm stocks soaring 23% on Tuesday. This pushed analysts at Stifel, J.P. Morgan and Evercore ISI to upgrade Qualcomm.
Morgan Stanley — Morgan Stanley rose 1.6% after the bank reported better-than-expected first-quarter earnings, driven by its wealth management and fixed-income trading businesses. The company reported earnings of $1.33 per share, 16 cents above a Refinitiv estimate.
CSX — Shares of the rail transportation company rose nearly 5% after the company reported strong first-quarter earnings. CSX earned $1.02 per share, topping a 91 cent estimate from Refinitiv. CSX’s revenue also beat expectations.
Netflix —Netflix fell as much as 1.9% on Wednesday afternoon after the streaming service posted first-quarter revenue that beat analysts’ estimates, but also warned that it expected light second-quarter guidance. The stock traded flat around midday in New York.
Bank of New York Mellon — The bank’s stock tumbled more than 8% on quarterly numbers that disappointed investors. Bank of New York Mellon reported a profit of 94 cents per share, 2 cents below a Refinitiv estimate. The company’s revenue also missed expectations. Net interest margin, a key metric watched by investors, came in at 1.2%. Analysts polled by FactSet expected a print of 1.26%.
Abbott Laboratories — Shares of Abbott Laboratories were down 2.8% on Wednesday afternoon despite posting first-quarter earnings that beat analysts’ expectations. The pharmaceutical posted adjusted earnings of 63 cents per share on revenue of $7.54 billion, surpassing analyst expectations of 61 cents per share on revenue of $7.47 billion.
PepsiCo — Shares of the beverage and snack company rose 2.8% after it beat Wall Street’s estimates in its first-quarter financial report. Pepsi reported earnings per share of 97 cents, while analysts polled by Refinitiv expected a profit of 92 cents.
IBM — IBM fell 3.2% after the company’s first-quarter revenue came in short of analyst expectations. IBM reported revenue of $18.18 billion, $280 million lower below a Refinitiv estimate. IBM’s revenue was also down nearly 5% year over year.
Interactive Brokers — Interactive Brokers Group rose nearly 1% on the back of stronger-than-expected quarterly results. The company posted a profit of 64 cents per share, well above a Refinitiv estimate of 53 cents per share.