Stocks making the biggest moves midday: American Express, General Electric, IBM and more

cnbc.com:

Check out the companies making headlines in midday trading.

General Electric — Shares fell more than 6% after the company missed revenue estimates for the fiscal fourth quarter. The conglomerate reported 92 cents in adjusted earnings per share on $20.3 billion in revenue. Analysts surveyed by Refinitiv were looking for 85 cents on $21.53 billion of revenue. The company said supply chain issues weighed on its sales.

American Express — The credit card stock surged 8% after American Express beat estimates on the top and bottom lines for the fourth quarter. The payments company earned $2.18 per share on $12.15 billion in revenue. Analysts surveyed by Refinitiv were expecting $1.87 in earnings per share on $11.5 billion of revenue. American Express also said it expected revenue growth of 18% to 20% in 2022.

ARK Innovation — Shares of Cathie Wood's flagship exchange-traded fund fell 5% in midday trading as growth names continued their downward spiral. Coinbase, one of the fund's largest holdings, fell 2.5%. Tesla dropped more than 2% and Unity Software lost 5.8%. Exact Sciences and Twilio fell 5.6% each.

IBM — The software and services company's stock climbed more than 2% following a better-than-expected quarterly report. IBM reported that its revenue climbed 6% in the fourth quarter, surpassing expectations. The company spun out its managed infrastructure services unit during the quarter into a publicly held company named Kyndryl.

PetMed Express – Shares of the pet products seller jumped about 5% despite a disappointing earnings report. PetMed Express reported quarterly profit of 21 cents per share, 9 cents shy of consensus estimates, according to Refinitiv. Its revenue also came below expectations.

Xerox — The digital