The Spotify logo on a smartphone set in Saint Thomas, U.S. Virgin Islands, Saturday, January 29, 2022.
Gabby Jones | Bloomberg | Getty’s paintings
Take a look at the businesses that make headlines in midday trading.
Wayfair — The furniture retailer’s shares rose 26.8% on Monday after Wayfair received upgrades from multiple Wall Street firms, including a double upgrade to chubby from underweight at JPMorgan. The corporate announced on Friday that it could cut about 10% of its global workforce as a part of a cost-cutting plan. JPMorgan cited in an update note “Wayfair management’s newfound commitment to spending control.”
Apple Apple shares rose 2.35% as China’s reopening gave investors hope it could revitalize tech and electronics business. Morgan Stanley called stocks the perfect pick, saying the reopening had “essential implications” for each demand and supply.
goal Meta shares rose 2.8% after Citi reiterated its buy suggestion for the social media company, saying that while macro visibility is restricted, they imagine the market is stabilizing.
Spotify — Spotify gained 2.07% after the corporate sent an internal memo to employees on Monday announcing plans to put off 6% of its global workforce, or about 600 employees. Spotify CEO Daniel Ek admitted the streaming giant was “too ambitious to take a position ahead of our revenue growth”.
sketches — Skechers rose 4.57% after Cowen updated stock to outperform market performance. The corporate said there have been potential advantages that Wall Street might overlook.
Sales force Salesforce shares rose 3.05% after news that investor Elliot Management reportedly made a multi-billion dollar investment in the corporate. The announcement comes weeks after Salesforce announced it could cut 10% of its staff and close some offices.
Qualcomm — The semiconductor maker’s shares rose 6.62% after Barclays upgraded its rating from chubby to equal weight. The corporate cited Qualcomm’s exposure to data centers, personal computers and headsets as reasons for its more optimistic assessment.
Western Digital — Shares increased by 8.66%. Bloomberg reported that merger talks between Western Digital and Kioxia are expanding. In accordance with the report, Western Digital will spin off its flash memory business and merge it with Kioxia right into a separate publicly traded company.
Xylem — Water technology company Xylem shares down 8.76% on acquisition news Evoqua water technologies in an all-stock deal price roughly $7.5 billion. Evoqua shares rose more than 15% after the announcement.
— Michelle Fox, Alex Harring, Tanaya Macheel, Jesse Pound, Carmen Reinicke, Pia Singh, and Samantha Subin of CNBC contributed reporting.