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MIDDAY MOVERS: ServiceNow soars after 4Q profit surprises to the upside; DowDuPont weighs down the Dow industrials

Last updated: 05:24 01 Feb 2019 AEDT, First published: 19:02 31 Jan 2019 AEDT

Dow

Shares of ServiceNow Inc. (NYSE:NOW) soared Thursday after handily beating Wall Street’s fourth-quarter earnings estimates. The enterprise cloud computing company swung to a profit, posting adjusted earnings of $0.77 per share versus consensus estimates calling for EPS of $0.64. A miss on revenue didn’t dampen investor enthusiasm for the shares, however.

The stock jumped 14.6% to $222.44.

Charter Communications Inc (NASDAQ:CHTR) sits atop the leader board of the S&P 500 at midday, despite posting mixed fourth-quarter earnings before the opening bell in New York. The cable operator's profit of $1.29 per share missed consensus estimates by $0.20, while revenue of $11.23 billion surpassed estimates of $11.15 billion.

Shares jumped 15% to $333.36 in midday trading.

Also driving the S&P 500 is General Electric Company (NYSE:GE), whose shares surged after the beleaguered manufacturing conglomerate posted better-than-expected revenue in the fourth quarter. The top line for the three months came in at $33.28 billion compared with $32.6 billion, which had been expected by analysts. Earnings per share came in at $0.17 per share, compared to the anticipated $0.22 a share. The company, which has been under pressure, spun off several businesses last year to generate cash and shrink its footprint.

The stock added 14.6% to $10.43, having gained 2.3% yesterday.

DowDuPont Inc (NYSE:DWDP) shares weighed down the Dow industrials after the agrichem giant missed analysts' revenue calls for the fourth quarter, clocking in with $20.1 billion on the top line versus $20.9 billion expectations. The company, which merged Dow Chemical with DuPont in 2017, plans to split itself later this year to create a new Dow and two other units.

Shares dropped 8.1% to $54.51 on the Big Board.

Visa Inc (NYSE:V) shares lost momentum in New York after it beat estimates for its quarterly profit as the credit card giant processed more transactions due to higher consumer spending during the holiday season. Not including special items, Visa earned $1.30 per share, which beat consensus estimates of $1.25. Net revenue rose 13.24% to $5.51 billion in the quarter. Payments volume grew 11% year-on-year, while processed transactions were up 11%.

The shares shed 1.7% to $135.28 each.

United Parcel Service Inc (NYSE:UPS) shares delivered after beating on its latest quarterly profit, as the company reportedly benefited from record volumes during the key holiday season. UPS earned $1.94 per share on an adjusted basis, which was above analysts’ expectations of $1.90 per share.

Shares of the world’s biggest package delivery company added 5.5% to $106.79.

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