Kakpar Pempel | Reuters
Check out the companies that made headlines in the midday transaction.
Twitter shares are up 1.4% after news broke that Elon Musk had earlier offered $ 54.20 a share to buy the social media company and take it personally. Earlier this month, the CEO of Tesla released 9.2% shares on Twitter.
Goldman Sachs – Bank shares have erased previous gains and first-quarter results traded 0.8% lower than past expectations. Goldman Sachs traders were able to navigate increasing market volatility as a result of the war in Ukraine. The bank’s fixed income desk generated $ 4.72 billion in first-quarter revenue, thanks to strong activity in currencies and commodities, the bank said.
Morgan Stanley – Shares of New York-based Bank rose nearly 0.8% after the firm reported first-quarter earnings and Wall Street surpassed expectations. Amid volatile markets and higher-performing M&A transactions, the bank has seen better-than-expected returns from equity and fixed-income trading.
Wells Fargo – Shares fell nearly 5% after the bank posted lower-than-expected revenue. Amid rising interest rates his mortgage has weighed on a bearish outcome in the banking arm. Wells Fargo has lost interest, although it has released $ 1.1 billion from its credit reserves.
United Health Group – shares of the health insurance giant added 0.2% after beating the company’s estimates in the top and bottom lines for the first quarter. United Health reported earnings per share of $ 5.49 on revenue of $ 80.1 billion. Analysts surveyed by Refinitiv estimated earnings per share at $ 5.38 on revenue of $ 78.79 billion. United Health’s total customer service has grown by 1.5 million a year.
Right Aid – Pharmacy stocks down about 0.7%. Right Aid posted a consistent loss of $ 1.63 per share for its fiscal fourth quarter. Right Aid has also announced a cost-cutting program, which includes closing 145 nonprofit stores.
Nike – Shoes and apparel retailer shares up 4.5%. The move comes after UBS redefined the stock as a purchase and called North American demand “too bullish” because of the current environment.
IBM – IBM shares rose 0.8% after Morgan Stanley upgraded the stock overweight and the company became a good “hiding place” in the current economic climate. The bank has also raised its price target for technology stocks.
Western Digital, Seagate Technology – Shares of disk-drive makers fell 2.7% and 3.3%, respectively, after Susquehanna Financial downgraded both stocks in the wake of weak demand concerns the following year. The firm downgraded Western Digital to “neutral” and Seagate to “negative”.
Tesla CEO Elon Musk has dropped 3.6% of his electric car stock after revealing that he wants to buy Twitter and turn it into a private company.
Rent the Runway – Shares of the fashion rental company fell 3.8% after losing less than expected for the previous quarter and losing revenue estimates.
– CNBC’s Jesse Pound, Eun Lee and Hannah Miao contribute to the report.