Stocks making the biggest moves midday: Exxon Mobil, Alphabet, Kellogg, Charles Schwab and more

cnbc.com:

In this article

Check out the companies making headlines in midday trading Tuesday.

Exxon Mobil — Shares of Exxon Mobil jumped 5.5% after Credit Suisse upgraded them to outperform from neutral and said they can jump another 45% from current levels. The oil and gas company's divergent corporate strategy sets it up well to capitalize on the jump in oil prices, the firm said.

Diamondback Energy — The energy company's shares rose more than 5% after Diamondback's board approved an increase to its capital return program to at least 75% of free cash flow, from its previous commitment of at least 50% of free cash flow.

Alphabet — The Google parent's shares gained 4.8% following an AdAge report that the search giant is in talks with Netflix about a potential advertising partnership. Google has emerged a front-runner to partner with Netflix, according to the report.

Kellogg — The cereal company's shares gained almost 4% after Kellogg announced plans Tuesday to split into three separate public companies that would be centered around its snacking, cereal and plant-based businesses. The tax-free spinoffs are expected to be completed by the end of 2023.

Tesla — The EV maker's shares climbed 10% after CEO Elon Musk gave more clarity on planned job cuts that were announced earlier this month. Musk said the company will lay off 3.5% of the workforce, calling the amount «not super material.»

Spirit Airlines — The discount air carrier saw its shares jump 8% after JetBlue boosted its takeover offer for the company by $2 per share to $33.50 per share. Spirit is also fielding an offer Frontier Airlines. The company has said it expects to decide on the proposal by June 30.

Palantir Technologies — Shares surged more than 7% after Bank of