Stock Market

In this article

In this photo illustration, the Twitter logo is displayed on the screen of an iPhone in front of a computer screen displaying Twitter logos.
Chesnot | Getty Images

Check out the companies making headlines in midday trading.

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 beat on Monday. Bank of America topped expectations in the first quarter with earnings of 80 cents per share and $23.33 billion in revenue, helped by strength in consumer lending. Analysts surveyed by Refinitiv expected earnings of 75 cents per share and $23.2 billion in revenue.

Bank of New York Mellon — Shares fell 3.6% after the company’s revenue missed Wall Street estimates. Revenue came in at $3.93 billion, while the Refinitiv consensus estimate was $3.97 billion. The bank topped earnings estimates by a 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. The board also approved a $2.8 billion addition to the company’s stock buyback plan and a 5% dividend increase to 23 cents 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. The company reported earnings per share of 77 cents on $4.67 billion in revenue. Analysts expected 84 cents per share on revenue of $4.83 billion.

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. The company announced a shareholding meeting would be held on May 23 to vote on delisting from the New York Stock Exchange.

Sirius XM Holdings — The satellite radio stock shed 2.9% after a downgrade to underweight from Morgan Stanley. Production issues for new cars, which are a major area of new subscribers for Sirius, could hurt the stock, Morgan Stanley said.

Wendy’s — Shares of the fast-food chain dipped 2.7% after BMO downgraded Wendy’s to market perform from outperform. The firm said in a note to clients that Wendy’s would suffer from a squeeze on consumer spending caused by inflation.

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. We anticipate PGR will miss future earnings expectations,” Piper Sandler said.

Gap — Shares rose 1% after Morgan Stanley upgraded Gap to equal weight from underweight. The firm said the downside in Gap shares is already “priced in.”

— CNBC’s Jesse Pound, Sarah Min, Samantha Subin and Tanaya Macheel contributed reporting

Articles You May Like

Companies around the world hit by Microsoft outage
Short-term munis firmer, muni mutual funds inflows
Phoenix to sell first new money GO bonds since 2012
Primary stays busy with NYC TFA, Cal Regents pricing
Vance to take stage on night highlighting America First foreign policy