Twitter, Bank of America, Charles Schwab and more

In this photo illustration, the Twitter logo is displayed on an iPhone screen in front of a computer screen displaying Twitter logos.

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Find out which companies are making headlines in the midday business.

Twitter – Shares rose 3.4% after Twitter announced on Friday that the board had adopted a time-limited 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 of the investment bank jumped more than 3% after Bank of America reported lower earnings on Monday. Bank of America beat expectations in the first quarter with earnings of 80 cents a share and $23.33 billion in revenue, helped by strength in consumer lending. Analysts polled by Refinitiv had 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 earnings missed Wall Street estimates. Revenue was $3.93 billion, while Refinitiv’s consensus estimate was $3.97 billion. The bank beat earnings estimates by a penny a share.

Synchrony Financial – Shares of the financial services company rose more than 4% after the company announced that it exceeded quarterly profit and revenue estimates. The board also approved a $2.8 billion addition to the company’s stock buyback plan and a 5% increase in the dividend to 23 cents per share.

Charles Schwab – Shares of Charles Schwab fell 8.8% after missing analysts’ estimates of higher and lower first-quarter results. The company reported earnings per share of 77 cents on $4.67 billion in revenue. Analysts had expected 84 cents per share on revenue of $4.83 billion.

Southwest Gas – Utilities stock rose 7.7% after Southwest Gas said its board had cleared a review of a full lineup or strategic alternatives, after receiving what he called an “indication of interest” far superior to investor Carl Icahn’s $82.50 per share offer.

Didi Global – Shares fell 17.3% after the China-based ride-hailing company reported a 12.7% drop in fourth-quarter revenue from a year earlier. The company announced that a meeting of shareholders would be held on May 23 to vote on delisting from the New York Stock Exchange.

Sirius XM Holdings – The satellite radio stock fell 2.9% after a downgrade to underweight Morgan Stanley. Problems with new-car production, which is a major area of ​​new subscribers for Sirius, could hurt the stock, Morgan Stanley said.

Wendy’s – Shares of the fast food chain fell 2.7% after BMO downgraded Wendy’s to lift market performance to outperformance. The company said in a note to customers 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 an underweight of neutral. “We believe PGR’s actions reflect too much optimism about how quickly rising auto insurance prices will improve PGR’s earnings. We expect PGR to miss future earnings guidance,” Piper Sandler said. .

Gap – Shares rose 1% after Morgan Stanley upgraded Gap to equal weight to an underweight. The company said the decline in Gap shares was already “priced in.”

– CNBC’s Jesse Pound, Sarah Min, Samantha Subin and Tanaya Macheel contributed reporting

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