See the companies making headlines in midday trading. Tesla – Shares fell 5.6% after an internal memo said the electric vehicle maker plans to lay off more than 10% of its global workforce. “As we prepare the company for its next phase of growth, it is critical that we look at every aspect of the company to reduce costs and improve productivity,” CEO Elon Musk said in the note. As of December 2023, Tesla employed almost 141,000 people. Goldman Sachs – Shares rose 2.9% after the investment bank beat Wall Street’s first-quarter profit expectations, reporting profit rose 28% to $4.13 billion from a year earlier as it rebounded. in activities on the capital market. Goldman reported earnings of $11.58 per share on revenue of $14.21 billion for the period, while analysts polled by LSEG had forecast earnings of $8.56 per share on revenue of $12.92 billion. Logitech – Stocks fell 6.4% after Morgan Stanley downgraded the computer peripherals stock to underperform, saying the market was “mispricing” the company’s “future growth path.” Analyst Eric Woodring forecasts annual revenue growth of only 3% through fiscal 2027, below consensus. Salesforce — Shares of customer relationship management software fell 7.3% to become the biggest loser in the Dow Jones Industrial Average after The Wall Street Journal reported the company was in talks to acquire data management software provider Informatica. Masimo – Shares added 0.1% after Stifel was upgraded to hold to buy. The firm expects a return to high single-digit growth and a sustainable earnings growth trajectory for the healthcare technology company. Reddit – Shares fell 5.4% after Wall Street firms began covering the stock following its public debut last month. Morgan Stanley initiated equal coverage of the social media platform, saying the shares were already trading at fair value. JPMorgan and Goldman Sachs gave Reddit a neutral rating. Others were more bullish on the stock. Deutsche Bank called Reddit a good buy, while Raymond James said the social media stock is a good buy. Medical Properties Trust. Shares jumped 18.8% after the real estate investment trust said it would sell majority stakes in five Utah hospitals to a new joint venture for a total of $886 million. Trump Media & Technology Group — Trump Media shares fell 18.4% after the company filed to issue up to 21.5 million shares. Since the company behind the Truth Social app began trading on March 26, its share price has fallen more than 62%, from an opening price of close to $71 to about $27 on Monday. Coupang — Shares of the South Korean e-commerce company rose 1.9% after Citi upgraded its stock rating to neutral. The bank believes Coupang still has room to grow as the firm raises its subscription fees, expecting little resistance from customers due to its strong delivery service. Snap One, Resideo Technologies — Shares of Snap One jumped 29.5% after the smart home products provider said it would be acquired by home automation company Resideo Technologies in a deal valued at approximately $1.4 billion, or $10.75 per share in cash. Resideo shares fell 3.5%. Charles Schwab Shares of the online broker and money manager added 1.7% after reporting mixed first-quarter results. Schwab reported earnings of 74 cents, in line with LSEG’s estimate, on revenue of $4.74 billion, slightly above analysts’ consensus estimate of $4.71 billion. – CNBC’s Yun Li, Lisa Kailai Han, Sarah Min and Michelle Fox provided a report.
