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

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Check out the companies making headlines in midday trading.

Twitter — Twitter shares fell 1.7% after surging earlier on news that Elon Musk offered $54.20 a share to buy the social media company and take it private. Earlier this month, the Tesla CEO disclosed a 9.2% stake in Twitter.

Goldman Sachs — Shares of the bank erased earlier gains and traded 0.1% lower even after its first-quarter results blew past expectations. Goldman’s traders were able to navigate a surge in market volatility sparked by the war in Ukraine. The bank’s fixed income desk produced $4.72 billion in first-quarter revenue, thanks to strong activity in currencies and commodities, the bank said.

Morgan Stanley — Shares of the New York-based bank rose 0.8% after the firm reported first-quarter earnings and revenue that surpassed Wall Street expectations. The bank saw stronger-than-expected revenue from equity and fixed-income trading amid volatile markets and higher completed M&A transactions. 

Wells Fargo — Shares fell 4.5% after the bank posted lower-than-expected revenue. A slowdown in its mortgage banking arm amid rising interest rates weighed on results. Wells Fargo beat profit expectations, however, as it released $1.1 billion from its credit reserves. 

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UnitedHealth Group — Shares of the health insurance giant closed down 0.4% after the company beat estimates on the top and bottom lines for the first quarter. UnitedHealth reported $5.49 in earnings per share on $80.1 billion in revenue. Analysts surveyed by Refinitiv had projected $5.38 in earnings per share on $78.79 billion of revenue. UnitedHealth’s total customers served was up 1.5 million year over year.

Rite Aid — The pharmacy stock declined 3.6%. Rite Aid posted an adjusted $1.63 per-share loss for its fiscal fourth quarter. Rite Aid also announced a cost-cutting program, which includes the closure of 145 unprofitable stores.

Nike — Shares of the footwear and apparel retailer rose 4.7%. The move comes as UBS reiterated the stock as a buy and said it was “very bullish” as demand in North America continues to withstand the current environment.

IBM — IBM shares closed marginally higher after Morgan Stanley upgraded the stock to overweight and said the company is a good “place to hide” in the current economic backdrop. The bank also raised its price target in the technology stock.

Western Digital, Seagate Technology — Shares of the disk-drive makers dipped 3.2%, respectively, after Susquehanna Financial downgraded both stocks amid concerns of weaker demand next year. The firm downgraded Western Digital to “neutral” and Seagate to “negative.”

Tesla — The electric vehicle stock dipped 3.7% after its CEO Elon Musk revealed he wants to purchase Twitter and turn it into a private company.

Rent The Runway — Shares of the fashion rental company closed flat after falling earlier in the session. Rent The Runway reported a smaller-than-expected loss and beat revenue estimates for the previous quarter.

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— CNBC’s Jesse Pound, Yun Li and Hannah Miao contributed reporting

Source: CNBC

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