Check out the companies making headlines in midday trading.
Twitter — The social media company soared 27.1% after a filing revealed that Elon Musk has taken a 9.2% passive stake in the firm worth about $2.9 billion. The purchase came weeks after the Tesla CEO polled his 80-plus million Twitter followers about whether the platform adheres to free speech principles. Musk also recently hinted at starting his own site. The move is sparking speculation among analysts that Musk could take a more active ownership in Twitter or even consider a takeover down the road.
Tesla — Shares added 5.6% after Tesla reported first-quarter electric vehicle deliveries. The more than 310,000 vehicle deliveries marked a quarterly record, but slightly missed consensus Wall Street estimates. Most analysts attributed the miss to Covid shutdowns in Shanghai, where Tesla has a major factory.
Starbucks — The coffee chain fell 3.7% following the suspension of its share repurchase program. The decision comes as Howard Schultz returns to the helm as CEO of the company and amid a greater union push from the firm's baristas.
JD.com, Netease, Alibaba, Tencent Music – U.S.-listed shares of Chinese companies rallied after China proposed revising confidentiality rules regarding audit oversight. The move could prevent those companies from being delisted in the U.S. JD.com jumped 7.1%, Netease rose 2.4%, Alibaba gained 6.6% and Tencent Music added 10.7%.
Hertz — Shares of the rental car company surged 10.7% after Hertz announced a partnership with electric vehicle company Polestar. As part of the deal, Hertz will purchase up to 65,000 electric vehicles over the next five years, according to a news release.
Quest Diagnostics – Shares slipped 1.3% after Citi downgraded the diagnostic information services company to neutral from buy, due to uncertainty around its post-pandemic model. Citi cited Quest's margin outlook this and next year as well as heightened labor pressures and volume declines.
Baxter — Shares fell 4% after Goldman Sachs downgraded the stock to a sell rating from neutral. The firm said the call is due to Baxter's "over-indexing to headwind variables and numbers being at risk."
Ollie's Bargain Outlet Holdings — The retail stock jumped 15.7% after Wells Fargo upgraded Ollie's to overweight from equal weight. Wells Fargo said that the stock could prove to be a "coiled spring" after the company has worked through its pandemic-era disruptions.
— CNBC's Yun Li, Samantha Subin, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting.