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 5.6%, Roku fell 6.2%, and HBO Max owner Warner Bros. Discovery was off about 6%.Paramount (formerly ViacomCBS) declined 8.6%.

M&T Bank — Shares for the regional bank surged 8.8% 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 2.7% 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 7.1% 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 4.5% 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 forecasting earnings of 1.30 per share and $3.286 billion.

Baker Hughes — The oilfield services stock slid 3.8% after Baker Hughes missed estimates for the first quarter. The company reported 15 cents in adjusted earnings per share on $4.84 billion of revenue. Analysts surveyed by Refinitiv were expecting 20 cents per share and $5.02 billion in revenue. CEO Lorenzo Simonelli said in a release that the results "reflect operating in a very volatile market environment."

ASML — Shares for the semiconductor equipment maker jumped 2.7% after ASML reported an earnings beat for its most recent quarter. Strong demand from chip makers to boost production supported the company.

— CNBC's Tanaya Macheel, Hannah Miao, Jesse Pound and Samantha Subin contributed reporting.