Stocks making the biggest midday moves: Twitter, AMD, Deere, Verizon and more

Take a look at the companies that make the headlines for midday trading.

Twitter: Shares of the social media company jumped 4% on news that it may want to finalize a takeover deal with Tesla founder Elon Musk ahead of its quarterly earnings on Thursday, with reports it could come as soon as soon as monday.

Penn National Gaming: Shares of the online gambling company and casino jumped 3% after an update from Morgan Stanley. The investment firm raised its rating to overweight, saying the recent slide in Penn National shares made it an attractive valuation and the company has a better strategy for winning sports betting customers than its competitors.

Oil stocks: Energy stocks fell amid renewed fears of a global slowdown as the country grapples with a Covid outbreak. Chevron and Exxon Mobil shares fell 3.8% and 5.7%, respectively.

Advanced Micro Devices, Marvell – AMD shares rose 1.7% after Raymond James improved his performance and said its shares could surge 80%. Raymond James also updated Marvell to market performance, sending the stock up 2.3%.

Verizon: Shares fell nearly 4% after Goldman Sachs downgraded Verizon to neutral from buy on valuation, following a large loss of subscribers for the telecom giant. Goldman said Verizon is positioned to remain a wireless leader in the 5G cycle, but also anticipates a slowdown in revenue growth.

Snowflake: Shares jumped more than 7% after Wolfe Research began coverage of the higher-rated cloud data company. The stock, which is trading at “Black Friday prices,” could get a boost on its next trading day, the analyst said. Wolfe expects new products to be revealed, as well as updated guidance on how Snow will reach $10 billion in annual product revenue by fiscal 2029.

ThredUp: Resale shares fell 1.8% following a downgrade from a buy rating to neutral by Goldman Sachs, which cited short-term headwinds.

Activision Blizzard: Shares of the video game publisher fell 1% after missing analyst estimates in the first quarter. Activision Blizzard cited disappointing demand for its “Call of Duty: Warzone” among contributors to weak earnings.

Deere: Shares fell more than 7% after Bank of America downgraded the stock to neutral from buy. Analysts said they see limited upside potential for farm machinery stocks, which could be hit by rising fertilizer prices amid the ongoing conflict in Ukraine.

GoDaddy: Shares rose 3.5% after Piper Sandler upgraded the company from neutral to overweight, calling it a top defensive idea. The firm also said that the website domain company has strong free cash flow potential and that it likes GoDaddy’s $3B return on capital strategy for the next three years.

Formula One: Shares fell 1% after Citi downgraded the stock to neutral and said little potential to win remains.

— CNBC’s Sarah Min, Tanaya Macheel and Jesse Pound contributed to this report.