In this photo illustration, the Twitter logo is displayed on the screen of an iPhone in front of a computer screen with Twitter logos.
Chesnot | Getty Images
Check out the companies making headlines in midday trading.
Twitter — Shares rose 3.4% after Twitter announced on Friday that its board of directors had approved a limited-life shareholders’ 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 rose more than 3% after Bank of America reported a drop in earnings on Monday. Bank of America beat expectations with earnings of 80 cents a share and revenue of $23.33 billion in the first quarter, helped by strength in consumer credit. Analysts polled by Refinitiv were expecting earnings of 75 cents per share and revenue of $23.2 billion.
Bank of New York Mellon – Shares fell 3.6% after the company’s earnings missed Wall Street estimates. Revenue came in at $3.93 billion, while Refinitiv’s consensus estimate was $3.97 billion. The bank beat earnings estimates by a cent a share.
Synchrony Financial – Shares of the financial services company soared more than 4% after the company reported a hit to quarterly earnings and revenue estimates. The board also approved a $2.8 billion increase in 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 analyst estimates for revenue and earnings in the first quarter. The company reported earnings per share of 77 cents on sales of $4.67 billion. Analysts were expecting 84 cents a share on revenue of $4.83 billion.
Southwest Gas — Utility stock rose 7.7% after Southwest Gas said its board had approved a review of a full range or strategic alternatives after receiving what it called an “expression of interest” that far exceeded investor Carl’s offer I was up from $82.50 per share.
Didi Global – Shares fell 17.3% after the China-based ride-hailing company reported 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 its delisting from the New York Stock Exchange.
Sirius XM Holdings – The satellite radio stock fell 2.9% after a downgrade to underweight from Morgan Stanley. Production issues with new cars, a key area for new Sirius subscribers, could hurt the stock, Morgan Stanley said.
Wendy’s — Shares of the fast-food chain fell 2.7% after BMO downgraded Wendy’s to market-perform from outperform. The company said in a note to customers that Wendy’s would suffer inflationary pressures on consumer spending.
Progressive – Shares of the company fell 2.1% after Piper Sandler downgraded the insurance company from neutral to underweight. “We believe PGR stock reflects too much optimism about how quickly rising auto insurance prices will improve PGR’s earnings. We expect PGR to miss future earnings expectations,” said Piper Sandler.
Gap – Shares rose 1% after Morgan Stanley upgraded Gap from underweight to equal weight. The company said the downside of Gap shares is already “priced in.”
– CNBC’s Jesse Pound, Sarah Min, Samantha Subin and Tanaya Macheel contributed coverage