IBM stock gained roughly 3% even as the company's second-quarter earnings and revenue fell short of analyst forecasts. The market's positive reaction followed a profit warning from the company last week that had already lowered investor expectations.
The enterprise software company raised its full-year subscription revenue guidance for the second time, citing robust demand for its AI-powered workflow automation tools after reporting better-than-expected Q2 results.
The U.S. pipeline operator surpassed Wall Street's second-quarter expectations with an adjusted profit of 37 cents per share, driven by higher natural gas transport volumes and rising power demand.
U.S. equity markets finished Wednesday's session lower, with the tech-heavy Nasdaq Composite posting the steepest losses. The Dow Jones Industrial Average closed nearly unchanged as losses in some sectors were offset by gains elsewhere.
Major U.S. companies saw mixed reactions to quarterly earnings reports, with Tesla shares falling on a profitability miss while United Rentals stock climbed on a strong outlook.
Canada's benchmark stock index, the S&P/TSX Composite, closed at a new all-time high on Wednesday, lifted by strong gains in the materials and energy sectors amid rising commodity prices.
IBM has trimmed its annual revenue growth forecast and reported second-quarter results that missed Wall Street estimates, citing a shift in corporate spending toward AI infrastructure and away from its traditional software and mainframe business.
Railroad operator CSX reported a 10% rise in second-quarter revenue and higher profits, driven by robust demand for intermodal freight which helped offset weakness in other sectors and rising fuel costs.
Southwest Airlines has lowered its third-quarter profit forecast below Wall Street estimates, citing the significant impact of rising jet fuel prices which are offsetting strong travel demand and a better-than-expected second quarter.
