Stocks making the biggest moves midday: Twitter, Tesla and more
Kacper Pempel | Reuters
These are the headline-grabbing companies in midday trading.
Twitter — Twitter shares ticked 1.4% higher after surging earlier on news that Elon Musk offered $54.20 a shareThe social media firm will be bought and taken private. The Tesla CEO revealed a 9.2% stake earlier this month in Twitter.
Goldman Sachs — Shares of the bank erased earlier gains and traded 0.8% lower even after its first-quarter results blew past expectations. The surge in volatility caused by war in Ukraine was a hurdle for Goldman’s traders. According to the bank, fixed income revenue at Goldman Sachs amounted to $4.72 trillion in its first quarter, due in part, it said, to high commodity and currency trading activity.
Morgan Stanley — Shares of the New York-based bank rose about 0.8% after the firm reported first-quarter earnings and revenueThis exceeded Wall Street’s expectations. The bank saw stronger-than-expected revenue from equity and fixed-income trading amid volatile markets and higher completed M&A transactions.
Wells Fargo — Shares fell about 5% after the bank posted lower-than-expected revenue. The results were affected by the slowdown of its mortgage bank arm and rising interest rates. Wells Fargo released $1.1 million from credit reserves to beat its profit expectations.
UnitedHealth Group — Shares of the health insurance giant added 0.2% after the company beat estimates on the top and bottom lines for the first quarter. UnitedHealth posted $5.49 earnings per share for $80.1 billion of revenue. Refinitiv surveyed analysts and projected that $5.38 per share would be earned on revenue of $78.79 trillion. UnitedHealth had 1.5 million more clients in 2017 than last year.
Rite Aid — The pharmacy stock declined about 0.7%. Rite Aid suffered an $1.63 loss per share in its fourth quarter fiscal. Rite Aid has also revealed a cost-cutting initiative, which included the closing of 145 nonprofitable stores.
Nike — Shares of the footwear and apparel retailer rose 4.5%. UBS announces the move. reiterated the stock as a buy and said it was “very bullish”The current climate continues to be a challenge for North America.
IBM — IBM shares inched 0.8% higher after Morgan Stanley upgraded the stock to overweightHe said that the bank is an excellent “place to hide in” the current economic environment. In the technology stock, the bank raised its price target.
Western Digital, Seagate Technology — Shares of the disk-drive makers dipped 2.7% and 3.3%, respectively, after Susquehanna Financial downgraded both stocks amid concerns of weaker demand next year. Susquehanna Financial downgraded Western Digital from “neutral” to Seagate to “negative.”
Tesla — The electric vehicle stock dipped 3.6% after its CEO Elon Musk revealed he wants to purchase Twitter and turn it into a private company.
— CNBC’s Jesse Pound, Yun Li and Hannah Miao contributed reporting