The Spotify logo on a smartphone held on Saturday, Jan. 29, 2022 in St. Thomas, US Virgin Islands.
Gabby Jones | Bloomberg | Getty Images
Check out the companies making headlines in afternoon trading.
wayfair Shares of the furniture retailer soared 24.1% on Monday after Wayfair received upgrades from several Wall Street firms, including a double upgrade from underweight at JPMorgan. The company announced on Friday that it would lay off about 10% of its global workforce as part of a cost-cutting plan. JP Morgan quoted Wayfair management’s “new commitment to control expenses” in its upgrade note.
apple – Apple shares rose 3.2% as China’s reopening investors hoped would boost the tech and electronics business. Morgan Stanley called the stock a top pick, saying the reopening has “significant implications” for demand as well as supply.
meta After this, Meta’s shares climbed 2.4%. Citi reiterates its buy rating On the social media company, he believes the market is stabilizing, adding that macro visibility is limited.
Spotify – Spotify gains 3.1% The plan to lay off 6% of its global workforce, or about 600 employees, came after the company sent an internal memo to employees on Monday. Spotify CEO Daniel Ek admits The streaming giant was “very ambitious in investing ahead of our revenue growth.”
Skechers — Skechers later popped 3.7% Cowen upgraded the stock To outperform the market performance. The firm said it is likely to be overlooked by Wall Street.
sales force — Shares of Salesforce advanced 3.9% after news activist investor Elliott Management reportedly made a billions of dollars invested in the company, This announcement comes a few weeks after Salesforce announced it would cut 10% of its workforce and close some offices.
Qualcomm — Shares of the semiconductor maker rose 6.7% after Barclays upgraded its rating from overweight to equal weight. Firm Cited Exposure to Qualcomm’s data centers, personal computers and headsets lead to its more optimistic rating.
Western Digital – Shares jumped 7% Bloomberg reported that merger talks among Western Digital and Kioxia are leading the way. The report states that Western Digital will spin off its flash business and merge it with Kioxia into a separate business.
xylem Shares of water technology stock Xylem fell 8.2%, given that the company is getting Evoca Water Technologies in an all-stock deal valued at approximately $7.5 billion. Evoqua’s shares jumped more than 14% after the announcement.
— CNBC’s Michelle Fox, Alex Haring, Tanaya Machel, Jesse Pound, Carmen Reinike, Pia Singh and Samantha Subin contributed reporting.