Thursday 14th of April 2022 05:28:35 AM

Hot Stocks: Elon Musk bids for TWTR; MS, GS rise on earnings; WFC falls

oatawa/iStock via Getty Images Elon Musk's saga with Twitter (TWTR) continued in Thursday's pre-market trading. The world's richest person has made a bid to acquire the social media giant, sending its shares sharply higher. Elsewhere in the market, banking earnings were in focus as well. Morgan Stanley (MS) and Goldman Sachs (NYSE:GS) both advanced on stronger-than-projected results. Meanwhile, a disappointing revenue figure sent Wells Fargo (WFC) lower. Gainers Twitter (TWTR) climbed 8% in pre-market action after Elon Musk offered to buy the company for $54.20 per share. The bid, which was disclosed in a regulatory filing, values the company at about $43B. "Twitter has extraordinary potential. I will unlock it," Musk said in the filing. Shares rose to $48.90 in pre-market action, well below Musk's contemplated purchase price. Turning to bank earnings, Morgan Stanley (MS) also gained ground before the opening bell, boosted by better-than-expected quarterly results. The firm's revenue slipped nearly 6% from last year to reach $14.8B, but this topped projections by $640M. Earnings news gave a lift to Goldman Sachs (GS) as well. The company's profit exceeded estimates by about 20%. Meanwhile, the firm's revenue total of $12.9B came in almost $1.2B above consensus, despite falling almost 27% from last year. Decliner Wells Fargo (WFC) lost ground in pre-market action after the release of mixed quarterly results. The banking giant beat expectations with its Q1 profit. However, revenue fell more than projected, dropping nearly 3% to $17.6B. The top line was weighed down by a 28% sequential decline in noninterest revenue. Hurt by the financial figures, WFC dropped more than 3% before the opening bell. To keep up with Wall Street's biggest winners and losers throughout the session, turn to Seeking Alpha's On The Move section.
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