Twitter — Shares rose 3.4% after Twitter announced Friday that the board 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 for the investment bank jumped more than 3% after Bank of America reported an earnings beat on Monday. Bank of America topped expectations in the first quarter with earnings of 80 cents per share and $23.33 billion in revenue, helped by strength in consumer lending. Analysts surveyed 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 came in at $3.93 billion, while the Refinitiv consensus estimate was $3.97 billion. The bank topped earnings estimates by a penny per share.
Synchrony Financial – shares of the financial services firm advanced more than 4% after the company reported a beat on quarterly profit and revenue estimates. The board also approved a $2.8 billion addition to the company’s stock buyback plan and a 5% dividend increase to 23 cents per share.
Charles Schwab — shares of Charles Schwab fell 8.8% after missing analyst estimates on the top and bottom lines in the first quarter. The company reported earnings per share of 77 cents on $4.67 billion in revenue. Analysts expected 84 cents per share on revenue of $4.83 billion.
Southwest Gas — The utility stock rose 7.7% after Southwest Gas said its board had authorized the review of a full range of strategic alternatives, after receiving what it called an “indication of interest” well in excess of investor Carl Icahn’s $82.50 per share offer.
Didi Global — Shares dropped 17.3% after the China-based ride-hailing firm reported a 12.7% drop in fourth-quarter revenue compared with a year earlier. The company announced a shareholding meeting would be held on May 23 to vote on delisting from the New York Stock Exchange.
Sirius XM Holdings — The satellite radio stock shed 2.9% after a downgrade to underweight from Morgan Stanley. Production issues for new cars, which are a major area of new subscribers for Sirius, could hurt the stock, Morgan Stanley said.
Wendy’s — Shares of the fast-food chain dipped 2.7% after BMO downgraded Wendy’s to market perform from outperform. The firm said in a note to clients that Wendy’s would suffer from a squeeze on consumer spending caused by inflation.
Progressive — Shares of the company 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 fast-rising auto insurance prices will improve PGR’s profits. We anticipate PGR will miss future earnings expectations,” Piper Sandler said.
Gap — shares rose 1% after Morgan Stanley upgraded Gap to equal weight from underweight. The firm said the downside in Gap shares is already “priced in.”
Source: CNBC
