Kacper Pempel | Reuters
Check out the companies making headlines in midday trading.
Twitter – Twitter shares ticked 1.4% higher after surging earlier on news that Elon Musk offered $ 54.20 a share to buy the social media company and take it private. Earlier this month, the Tesla CEO announced a 9.2% stake 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. Goldman’s traders were able to navigate a surge in market volatility sparked by the war in Ukraine. The bank’s fixed income desk produced $ 4.72 billion in first-quarter revenue, thanks to strong activity in currencies and commodities, the bank said.
Morgan Stanley – Shares of the New York-based bank rose about 0.8% after the firm reported first-quarter earnings and revenue that surpassed Wall Street 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. A slowdown in its mortgage banking arm amid rising interest rates weighed on results. Wells Fargo beat profit expectations, however, as it released $ 1.1 billion from its credit reserves.
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 reported $ 5.49 in earnings per share on $ 80.1 billion in revenue. Analysts surveyed by Refinitiv had projected $ 5.38 in earnings per share on $ 78.79 billion of revenue. UnitedHealth’s total customers served was up 1.5 million year over year.
Rite Aid – The pharmacy stock declined about 0.7%. Rite Aid posted an adjusted $ 1.63 per-share loss for its fiscal fourth quarter. Rite Aid also announced a cost-cutting program, which includes the closure of 145 unprofitable stores.
Nike – Shares of the footwear and apparel retailer rose 4.5%. The move comes as UBS reiterated the stock as a buy and said it was “very bullish” as demand in North America continues to withstand the current environment.
IBM – IBM shares inched 0.8% higher after Morgan Stanley upgraded the stock to overweight and said the company is a good “place to hide” in the current economic backdrop. The bank also raised its price target in the technology stock.
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. The firm downgraded Western Digital to “neutral” and 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.
Rent The Runway – Shares of the fashion rental company fell 3.8% after reporting a smaller-than-expected loss and beating revenue estimates for the previous quarter.
– CNBC’s Jesse Pound, Yun Li and Hannah Miao contributed reporting