Take a look at some of the biggest drivers in the crypto market:
Twitter (TWTR) – Twitter shares rise 4.5% in money markets after the company’s board of directors through a so-called poison To prevent Tesla (TLSA) CEO Elon Musk from increasing his stake in the company to 15% previously. That follows Musk’s $54.20 per share bid for Twitter last week.
Sirius XM (SIRI) – Shares of the satellite radio operator fell 2% in pre-market trading after Morgan Stanley downgraded it to “lightweight” from “equivalent weight”. Morgan Stanley said the auto market turbulence will negatively impact Sirius XM, while also noting the stock’s ability to perform well over the past year.
Nektar therapy (NKTR) – The drugmaker’s shares jumped 24.4% in money markets after it halted all trials related to its key cancer drug. Experimental treatments have not yielded the desired results in many studies.
Bank of America (BAC) – Bank of America reported quarterly profit of 80 cents per share, 5 cents per share above estimates. Revenue also topped Street forecasts for consumer lending strength. Bank of America shares rose 1.1% in money markets.
Bank of New York Mellon (BK) – The bank beat estimates by one cent per share, with quarterly earnings of 86 cents per share. Revenue was essentially in line with analyst predictions. Its results have been supported in part by higher interest rates.
Synchronized Finance (SYF) – The financial services company reported quarterly profit of $1.77 per share, beating the consensus estimate of $1.54 per share. Revenue is also included in the above estimate. Synchrony’s board of directors also approved the addition of $2.8 billion to the company’s share buyback plan as well as a 5% dividend increase to 23 cents per share. Synchrony added 1% in the currency market.
Southwest Gas (SWX) – The company said its board has authorized full or strategic alternatives to be considered, after receiving what it called “signs of interest” in excess of investor Carl Icahn’s offer of $82.50 per share.
Global Didi (DIDI) – Didi shares lost 18.3% before the China-based ride-hailing company reported a 12.7% drop in fourth-quarter revenue from a year earlier. Didi also said a shareholder meeting will be held on May 23 to vote on the delisting from the New York Stock Exchange.
Wendy’s (WEN) – Wendy’s fell 1.8% in money markets after BMO Capital downgraded the restaurant operator’s stock to “market performance” from “better”. BMO said Wendy’s is not well positioned for a tighter consumer spending environment than some of its peers.
Progressive (PGR) – Progressive has been downgraded from “lightweight” to “neutral,” according to Piper Sandler, which says the insurer is likely to miss the consensus earnings estimate due to being overly optimistic around around increasing auto insurance rates. Progressive fell 1.6% in pre-market trading.
