Stocks making the biggest moves midday Twitter Tesla and more

Stocks making the biggest moves midday: Twitter, Tesla, and more


Kacper Pempel | Reuters

Check out the companies making headlines in midday trading.

Twitter — Twitter shares ticked 1.4% higher after previously rising sharply on news that Elon Musk had offered $54.20 per share to buy the social media company and take it private had soared. Earlier this month, the Tesla CEO announced a 9.2% stake in Twitter.

Goldman Sachs – Shares of the bank erased earlier gains to trade 0.8% lower even after first-quarter results beat expectations. Goldman’s traders managed to weather a spike in market volatility triggered by the war in Ukraine. The bank’s fixed income desk posted $4.72 billion in revenue in the first quarter, 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 company reported first-quarter earnings and revenue that beat Wall Street expectations. The bank reported stronger than expected earnings from trading equities and fixed income despite volatile markets and a higher number of completed M&A deals.

Wells Fargo – Shares fell about 5% after the bank reported lower-than-expected earnings. A slowdown in mortgage banking amid rising interest rates weighed on results. However, Wells Fargo beat earnings expectations as it released $1.1 billion from its credit reserves.

UnitedHealth Group – Shares of the health insurance giant gained 0.2% after the company beat estimates for first-quarter revenue and earnings. UnitedHealth reported earnings per share of $5.49 on revenue of $80.1 billion. Analysts polled by Refinitiv had forecast earnings per share of $5.38 on sales of $78.79 billion. UnitedHealth’s total customer base increased by 1.5 million year-over-year.

Rite Aid — Pharmacy shares are down about 0.7%. Rite Aid reported an adjusted loss of $1.63 per share for the fourth fiscal quarter. Rite Aid also announced a cost-cutting program that includes the closure of 145 unprofitable stores.

Nike — Shares of the shoe and apparel retailer rose 4.5%. The move comes as UBS said it would buy the stock again, saying it was “very optimistic” as demand in North America continues to withstand the current environment.

IBM – IBM shares rose 0.8% after Morgan Stanley upgraded the stock to overweight and said the company was a good “hiding spot” in the current economic environment. The bank also raised its price target for the technology share.

Western Digital, Seagate Technology — Shares in the hard drive maker fell 2.7% and 3.3%, respectively, after Susquehanna Financial downgraded both stocks on concerns about weaker demand next year. The company downgraded Western Digital to neutral and Seagate to negative.

Tesla – Electric vehicle stock fell 3.6% after its CEO Elon Musk announced he plans to buy 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 sales estimates for the previous quarter.

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