Stocks making the biggest moves midday: Netflix, M&T Bank, Baker Hughes, IBM & more

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Check out the companies making headlines in midday trading Wednesday/

Netflix — Shares of the streaming giant sank 35% after Netflix reported a loss of 200,000 subscribers in the most recent quarter. Netflix cited increasing competition, password sharing and the situation in Ukraine among the reasons for the dip. The news led to a wave of downgrades from major Wall Street firms.

Disney, Paramount —Shares of streaming video companies fell after Netflix reported a loss in subscribers for the first time in more than a decade. Disney dropped 4.3%, Roku fell 3.7%, and HBO Max owner Warner Bros. Discovery was off about 6.1%.Paramount (formerly ViacomCBS) declined 7%.

M&T Bank — Shares for the regional bank surged 9.4% after M&T Bank exceeded earnings expectations. M&T Bank reported earnings of $2.73 per share, which was above $2.19 per share expected by analysts surveyed by Refinitiv.

Procter & Gamble — Shares of the Procter & Gamble rose more than 2% after the consumer packaged goods company reported better-than-expected results for its fiscal third-quarter and hiked its full-year revenue guidance.

IBM — IBM surged 7.3% after beating on revenue and earnings in the recent quarter. The company reported an adjusted quarterly profit of $1.40 per share, 2 cents above a Refinitiv estimate. Revenue rose 7.7% over the year-ago quarter, with sales to Kyndryl lifting revenue growth by 5 percentage points.

Omnicom Group — Shares for the advertising company spiked more than 5% after Omnicom topped earnings expectations on Tuesday despite taking a hit to its investment in Russian businesses. Omnicom reported earnings of $1.39 per share and revenues of $3.41 billion. In comparison, analysts surveyed by FactSet were