Twitter, Bank of America, Charles Schwab and more

Twitter, Bank of America, Charles Schwab and more

Twitter, Bank of America, Charles Schwab and more

In this photo illustration, the Twitter logo is displayed on an iPhone screen in front of a computer screen showing the Twitter logos.

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Check out the companies making headlines in midday trading.

Twitter – Shares were up 3.4% after Twitter announced Friday that the board has 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 of the investment bank were up more than 3% after Bank of America reported a drop in earnings on Monday. Bank of America surpassed expectations in the first quarter with earnings of 80 cents per share and revenue of $ 23.33 billion, aided by the strength of consumer credit. Analysts interviewed 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 was $ 3.93 billion, while Refinitiv’s consensus estimate was $ 3.97 billion. The bank surpassed earnings estimates by one cent per share.

Synchrony Financial – Shares in the financial services firm rose more than 4% after the company reported a decline in quarterly earnings and revenue estimates. The board also approved a $ 2.8 billion addition to the company’s stock repurchase plan and a 5% dividend increase to 23 cents per share.

Charles Schwab – Shares of Charles Schwab fell 8.8% after missing analysts’ estimates on the top and bottom lines in the first quarter. The company reported earnings per share of 77 cents on revenues of $ 4.67 billion. Analysts had expected 84 cents per share on sales of $ 4.83 billion.

Southwest Gas – Public service stock rose 7.7% after Southwest Gas said its board of directors had cleared the review of a full range or strategic alternatives, after receiving what it called an “indication of interest “well above $ 82.50 per share of investor Carl Icahn.

Didi Global – Shares were down 17.3% after the Chinese ride-hailing company posted a 12.7% decline in fourth-quarter revenue from a year earlier. The company announced that a shareholders’ meeting will be held on May 23 to vote on the delisting from the New York Stock Exchange.

Sirius XM Holdings – Satellite radio stock fell 2.9% after a downgrade to an underweight Morgan Stanley. Production issues for the new cars, which are one of the main areas of new subscribers for Sirius, could hurt the title, Morgan Stanley said.

Wendy’s – Shares of the fast food chain fell 2.7% after BMO downgraded Wendy’s to market performance to outperform. The company said in a note to customers that Wendy’s would suffer from a squeeze on consumer spending caused by inflation.

Progressive – The company’s shares 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 quickly rising auto insurance prices will improve PGR’s profits. We expect PGR to miss expectations on future earnings,” said Piper Sandler.

Gap – Stocks were up 1% after Morgan Stanley updated Gap to weight parity from underweight. The company said the decline in Gap shares is already “priced”.

– CNBC’s Jesse Pound, Sarah Min, Samantha Subin and Tanaya Macheel contributed to the reports

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