Several companies are making headlines in midday trading, with Tesla experiencing a 2.8% drop in shares after an internal memo revealed plans to lay off more than 10% of its global workforce. CEO Elon Musk stated that cost reductions and increased productivity are essential as the company prepares for its next phase of growth. Goldman Sachs, on the other hand, reported a 3.4% increase in shares after beating Wall Street’s first-quarter earnings expectations with a 28% jump in profit to $4.13 billion. Logitech saw a 6.4% decrease in shares following a downgrade from Morgan Stanley, who believes the market is underestimating the company’s future growth potential.
Salesforce, the customer relations management software stock, experienced a more than 5% drop in shares, making it the biggest loser in the Dow Jones Industrial Average, after reports emerged that the company is in advanced talks to acquire data-management software provider Informatica. Masimo, a health technology company, saw a 1.6% increase in shares after receiving an upgrade to buy from hold at Stifel, which predicts a return to high-single-digit growth and steady margin expansion for the company. Reddit, which recently went public, saw a more than 5% decrease in shares as Wall Street firms initiated coverage, with varying ratings from different firms.
Medical Properties Trust, a real estate investment trust, experienced a nearly 20% jump in shares after announcing the sale of majority interests in five Utah hospitals to a new joint venture for $886 million. Trump Media & Technology Group saw a more than 15% drop in shares after filing to issue up to 21.5 million shares, with its stock price declining more than 60% since it began trading in March. Coupang, a South Korea-based e-commerce company, climbed 3.6% following an upgrade to buy from Citi, which predicts further margin expansion as the firm raises subscription fees.
Snap One shares jumped 30% after announcing an acquisition by Resideo Technologies, a home automation company, in a deal worth approximately $1.4 billion. Resideo, on the other hand, saw a 3.6% decrease in shares following the announcement. Charles Schwab, an online brokerage and money manager, added 2.8% after posting mixed first-quarter results, with earnings matching estimates and revenue slightly exceeding analysts’ forecasts. Overall, a mix of positive and negative developments are impacting the stocks of various companies in midday trading.
