Twitter, Bank of America, Charles Schwab and more
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Take a look at the top midday traders.
Twitter — Shares rose 3.4% after Twitter announced Friday that the board adopted a limited duration shareholder rights plan, often referred to as a “poison pill.” The move comes after billionaire Elon Musk offered to buy the company for $43 billion.
Bank of America — Shares for the investment bank jumped more than 3% after Bank of America reported an earnings beatMonday. Bank of America beat expectations with first-quarter earnings of 80c per share and revenue of $23.33 billion, thanks to strong consumer lending. Refinitiv surveyed analysts and they expected earnings of $75 per share, $23.2 billion revenue.
Bank of New York Mellon — Shares fell 3.6% after the company’s revenue missed Wall Street estimates. Refinitiv estimates that revenue was at least $3.93 trillion, but the actual figure is $3.97 billion. Earnings estimates were surpassed by the bank by one penny per share
Synchrony Financial – Shares of the financial services firm advanced more than 4% after the company reported a beat on quarterly profit and revenue estimates. Also approved by the board was a $2.8B increase in stock buyback plans and an increase of 5% to 23c per share.
Charles Schwab — Shares of Charles Schwab fell 8.8% after missing analyst estimates on the top and bottom lines in the first quarter. Earnings per share were 77c on revenue of $4.67 billion. On revenue of $4.83 trillion, analysts expected earnings per share to be 84cs.
Southwest Gas — The utility stock rose 7.7% after Southwest Gas said its board had authorized the review of a full range or strategic alternatives, after receiving what it called an “indication of interest” well in excess of investor Carl Icahn’s $82.50 per share offer.
Didi Global — Shares dropped 17.3% after the China-based ride-hailing firm reported a 12.7% drop in fourth-quarter revenue compared with a year earlier. A shareholding meeting was announced by the company on May 23rd to allow shareholders to cast their votes on the New York Stock Exchange delisting.
Sirius XM Holdings — The satellite radio stock shed 2.9% after a downgrade to underweight from Morgan Stanley. Morgan Stanley stated that production issues related to new cars could cause stock declines. These new subscribers are an important area for Sirius.
Wendy’s — Shares of the fast-food chain dipped 2.7% after BMO downgraded Wendy’sMarket performs from outperform. According to the company, Wendy’s could be affected by inflation-related consumer spending cuts.
Progressive — Shares of the company fell 2.1% after Piper Sandler downgraded the insurance company to underweight from neutral. “We think PGR’s stock reflects too much optimism about how fast rising auto insurance prices will improve PGR’s profits. Piper Sandler indicated that PGR may not meet future earnings projections.
Gap — Shares rose 1% after Morgan Stanley upgraded Gap to equal weight from underweight. According to Morgan Stanley, the negative side effects of Gap shares are already “priced in.”
— CNBC’s Jesse Pound, Sarah Min, Samantha Subin and Tanaya Macheel contributed reporting