Stocks make biggest midday moves: Twitter, Tesla and more – Reuters

Find out which companies are making headlines in the midday business.

Twitter – Twitter shares fell 1.7% after jumping earlier on news that Elon Musk had offered $54.20 a share to buy the social media company and take it private. Earlier this month, the Tesla CEO unveiled a 9.2% stake in Twitter.

Goldman Sachs – The bank’s shares erased earlier gains and traded down 0.1% even after its first-quarter results beat expectations. Goldman traders managed to manage a spike in market volatility caused by the war in Ukraine. The bank’s fixed income desk generated $4.72 billion in revenue in the first quarter, driven by strong activity in currencies and commodities, the bank said.

Morgan Stanley – Shares of the New York-based bank rose 0.8% after the company reported first-quarter earnings and revenue that beat Wall Street expectations. The bank recorded higher-than-expected revenue from equity and fixed-income trading amid volatile markets and higher completed M&A deals.

Wells Fargo – Shares fell 4.5% after the bank posted revenue below expectations. A slowdown in its mortgage banking arm amid rising interest rates weighed on results. Wells Fargo, however, beat earnings expectations, releasing $1.1 billion from its credit reserves.

UnitedHealth Group – Shares of the health insurance giant closed 0.4% after the company beat estimates on first-quarter results. UnitedHealth reported $5.49 in earnings per share on $80.1 billion in revenue. Analysts polled by Refinitiv had forecast $5.38 in earnings per share on $78.79 billion in revenue. The total number of clients served by UnitedHealth increased by 1.5 million year-over-year.

Rite Aid – Pharmacy stock was down 3.6%. Rite Aid reported an adjusted loss of $1.63 per share for its fiscal fourth quarter. Rite Aid also announced a cost-cutting program, which includes closing 145 unprofitable stores.

Nike – Shares of the footwear and apparel retailer rose 4.7%. The move comes as UBS reiterated the action as a buy and said it was “very bullish” as demand in North America continues to resist the current environment.

IBM – Shares of IBM closed slightly higher after Morgan Stanley upgraded the stock to overweight and said the company was a good “place to hide” in the current economic environment. The bank also raised its price target in tech stocks.

Western Digital, Seagate Technology — Shares of hard drive makers fell 3.2%, respectively, after Susquehanna Financial downgraded both stocks on fears of weaker demand next year. The firm downgraded Western Digital to “neutral” and Seagate to “negative”.

Tesla – Electric vehicle stock fell 3.7% after CEO Elon Musk revealed he wanted to buy Twitter and take it private.

Rent The Runway – Shares of the fashion rental company closed after falling earlier in the session. Rent The Runway reported a lower-than-expected loss and topped prior quarter revenue estimates.

– CNBC’s Jesse Pound, Yun Li and Hannah Miao contributed reporting

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