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Check out the companies that made headlines in the midday transaction.
Twitter – The social media company rose 26.6% when a filing revealed that Elon Musk took a 9.2% passive stake in the firm, valued at about $ 2.9 billion. The purchase comes just weeks after Tesla’s CEO voted on his platform’s 80-plus million Twitter followers about whether the platform adheres to free speech policies. Musk recently hinted at launching his own site. The move has sparked speculation among analysts that Mask could take a more active ownership of Twitter or consider a takeover down the street.
Tesla – Shares added 4.1% after Tesla reported first-quarter electric car supplies. The supply of more than 310,000 vehicles marked a quarterly record, but Wall Street missed some estimates. Most analysts have blamed Miss for the coveted shutdown in Shanghai, where Tesla has a large factory.
Starbucks – The coffee chain fell 4.6% after suspending share repurchase activities. The decision came when Howard Schultz returned to lead as the company’s CEO and under pressure from the wider union from the firm’s barristers.
JD.com, Netease, Alibaba, Tencent Music – US-listed shares of Chinese companies rose after proposing amendments to China’s audit supervision privacy rules. The move saw US JD.com jump 8%, Netease 2%, Alibaba 6.4% and Tencent Music 8.8%.
Hertz – Shares of the rental car company rose 9.3% after Hertz announced a partnership with electric vehicle company Polyester. As part of the deal, Hertz will purchase 65,000 electric vehicles over the next five years, according to a press release.
Logitech – Goldman Sachs stock rose 6.3% after upgrading the company from “neutral” to “buy” and seeing a growing trend towards gaming and video conferencing.
Quest Diagnostics – Shares fell more than 1% after Diagnostic Information Services Company was disqualified from purchasing due to uncertainty over Citi’s post-epidemic model. Citi noted this and next year’s Quest’s margin outlook, as well as higher labor pressures and volume declines.
Baxter – Shares fell 3.3% after Goldman Sachs downgraded the stock from a neutral to a sell rating. The firm said the call was due to Baxter’s “over-indexing of headwind variables and putting numbers at risk.”
Ollie’s Bargain Outlet Holdings – Retail stocks rose 13.1% after Wells Fargo upgraded Ollie from overweight to overweight. Wells Fargo said the stock could prove to be a “coiled spring” after the company worked through its epidemic-era barriers.
– Contributed by CNBC’s Eun Lee, Samantha Subin, Sarah Minn, Jesse Pound and Tanaya Mitchell Reporting