Take a look at the companies making headlines in midday trading. Tesla – An internal memo said the electric car maker plans to lay off more than 10% of its global workforce, sending the company’s shares down 5.6%. “As we prepare for the next phase of the company’s growth, it is extremely important to look at all aspects of the company to reduce costs and increase productivity,” CEO Elon Musk said in the memo. As of December 2023 , Tesla has nearly 141,000 employees. capital market activities. Goldman reported quarterly earnings of $11.58 per share on revenue of $14.21 billion, while analysts polled by LSEG expected earnings of $8.56 per share on revenue of $12.92 billion. Logitech — Shares of Logitech fell 6.4% after Morgan Stanley downgraded the computer peripheral stock to underweight, saying the market was “mispriced” for the company’s “future growth algorithms.” Analyst Erik Woodring predicts annual revenue growth of only 3% through fiscal 2027, lower than consensus. Salesforce — Shares of the customer relationship management software company fell 7.3%, the biggest drop among blue-chip stocks on the Dow Jones Industrial Average, after The Wall Street Journal reported that the company is in advanced talks to acquire data management software provider Informatica. Masimo-Stifel shares rose 0.1% after the stock was upgraded to buy. The company expects the health technology company to return to high-single-digit growth and achieve a stable profit expansion trajectory. Reddit — Wall Street firms began reporting on the stock following its initial public offering last month, sending the stock down 5.4%. Morgan Stanley gave the social media platform equal coverage, saying its shares were trading at fair value. JPMorgan and Goldman Sachs each give Reddit a neutral rating. Others are more bullish on the stock. Deutsche Bank calls Reddit a buy, and Raymond James says the social media stock is a buy. Medical Properties Trust — Shares rose 18.8% after the real estate investment trust said it will sell majority stakes in five Utah hospitals to a new joint venture for a total of $886 million. Trump Media & Technology Group — Shares of Trump Media & Technology Group plunged 18.4% after the company filed to issue up to 21.5 million shares. Shares of the company, which created the Truth Social app, have fallen more than 62% since it began trading on March 26, from an opening price of nearly $71 to around $27 on Monday. Coupang — Shares of the South Korean e-commerce company rose 1.9% after Citigroup upgraded the stock to “buy” from “neutral.” The bank believes there is still room for expansion in the company’s profits as Coupang raises subscription fees and does not expect any resistance from customers due to its strong delivery service. Snap One, Resideo Technologies — Snap One, a provider of smart living products, said it will be acquired by home automation company Resideo Technologies in a deal valued at about $1.4 billion, or $10.75 per share in cash. The company’s shares rose 29.5%. Resideo fell 3.5%. Charles Schwab — Shares of Charles Schwab rose 1.7% after the online brokerage and money management company reported mixed first-quarter results. Schwab reported profit of 74 cents, in line with LSEG’s forecast, on revenue of $4.74 billion, slightly above analysts’ consensus forecast of $4.71 billion. —CNBC’s Li Yun, Lisa Kelehan, Sarah Min and Michelle Fox contributed reporting.
