Goldman Sachs saw a 3.3% increase in premarket trading after beating Wall Street’s first-quarter earnings expectations. The company posted earnings of $11.58 per share on revenue of $14.21 billion, driven by strong performance in its trading and investment banking businesses. Analysts had anticipated earnings of $8.56 per share on revenue of $12.92 billion. Logitech experienced a 2% decline after Morgan Stanley downgraded the stock to underweight, citing a mis-pricing of the company’s outlook and forecasting only 3% annual revenue growth through fiscal year 2027. Meanwhile, Masimo rose more than 2% after receiving an upgrade to buy from hold at Stifel, with the analyst pointing to potential share price appreciation due to business improvement and margin expansion opportunities.
Salesforce’s shares dropped nearly 3% in premarket trading following reports that the software company was in advanced talks to acquire Informatica, a data management firm. Medical Properties Trust saw a 14% increase in its stock price after announcing the sale of majority interests in five Utah hospitals to a new joint venture, valued at $886 million. Coupang, a South Korea-based e-commerce company, climbed 2% after receiving an upgrade to buy from neutral at Citi, with expectations for margin expansion as subscription fees increase. Lockheed Martin, an aerospace and defense stock, gained nearly 2% after an upgrade to overweight at JPMorgan, expecting better performance with additional funding due to overseas geopolitical events.
Cisco Systems’ shares increased 2% following an upgrade to buy from neutral at Bank of America, with expectations for growth in security and networking categories and from recent acquisitions. Coty experienced a 1.3% rise after Canaccord Genuity initiated coverage of the beauty products company with a buy rating, citing strong brands and growth opportunities. Charles Schwab fell 1% after reporting mixed first-quarter results, with earnings matching estimates at 74 cents per share and revenue slightly above forecasts at $4.74 billion. Snap One shares surged 30% after announcing an acquisition by Resideo Technologies for $10.75 per share in cash, valued at approximately $1.4 billion including net debt. Resideo Technologies shares also rose 5% on the news.
Tesla’s stock declined 1% following reports of planned layoffs of more than 10% of its global workforce, as CEO Elon Musk stated the importance of cost reductions and productivity improvements as the company prepares for its next phase of growth. Overall, these companies saw a mix of stock price movements based on earnings reports, upgrades, acquisitions, and cost-cutting measures, demonstrating the dynamic nature of the stock market and investor reactions to company news.
