Stocks making the biggest moves midday: Twitter, Starbucks, Tesla and more

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Check out the companies making headlines in midday trading.

Twitter — The social media company soared 26.6% 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 if 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 4.1% 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 4.6% 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 8%, Netease rose 2%, Alibaba gained 6.4% and Tencent Music added 8.8%.

Hertz — Shares of the rental car company surged 9.3% 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 press release.

Logitech — The stock rose 6.3% after Goldman