Companies in the news during midday trading include Tesla, which saw shares fall 2.8% after announcing plans to lay off over 10% of its workforce in a cost-cutting measure. Goldman Sachs, on the other hand, saw shares climb 3.4% after beating earnings expectations with a 28% increase in profit. Logitech’s shares dropped 6.4% following a downgrade from Morgan Stanley, while Salesforce and Masimo also experienced fluctuations in their stock prices.
Reddit saw a more than 5% drop in shares following coverage by Wall Street firms after its recent public debut, with Morgan Stanley giving it an equal weight rating. Trump Media & Technology Group’s shares plunged over 15% after announcing plans to issue millions of new shares. Medical Properties Trust, Coupang, and Snap One also saw movement in their stock prices.
Resideo Technologies announced the acquisition of Snap One in a deal worth around $1.4 billion, causing Snap One’s shares to rise 30%. Charles Schwab, an online brokerage and money manager, saw a 2.8% increase in shares after reporting mixed first-quarter results. These updates were reported by CNBC.
In midday trading, several companies were making headlines. Tesla’s shares fell 2.8% after an internal memo revealed plans for a global workforce layoff of more than 10%. CEO Elon Musk cited the need for cost reductions and increased productivity. On the other hand, Goldman Sachs saw a 3.4% increase in shares after beating Wall Street’s first-quarter earnings expectations with a 28% profit jump. Logitech’s stock dropped 6.4% following a downgrade by Morgan Stanley, citing a mispricing of future growth potential. Salesforce lost over 5% due to reports of advanced talks to acquire Informatica. Masimo gained 1.6% after an upgrade to buy from hold by Stifel. Reddit’s shares fell over 5% as Wall Street firms initiated coverage post their public debut. Medical Properties Trust soared nearly 20% after announcing the sale of majority interests in five Utah hospitals. In contrast, Trump Media & Technology Group’s stock plunged over 15% following a filing to issue up to 21.5 million shares. Coupang, a South Korea-based e-commerce company, rose 3.6% due to a buy upgrade from Citi. Snap One shares surged 30% after Resideo Technologies announced its acquisition deal worth $1.4 billion. Resideo, on the other hand, fell 3.6%. Charles Schwab added 2.8% after reporting mixed first-quarter results, including earnings of 74 cents and revenue of $4.74 billion.
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