Stocks making the biggest moves midday: Wayfair, iRobot, Spirit Airlines, Celsius and more
Check out the companies making headlines in midday trading. Wayfair — Shares of the digital home goods retailer surged 10.3% after the company said it will lay off 13% of its global workforce , including 19% of its corporate team, in an effort to cut out layers of management and reduce costs. This is Wayfair’s third restructuring since summer 2022, and it is expected to save the company about $280 million. Hertz — The car rental company dropped 4.1% on the heels of a Jefferies downgrade to hold from buy. The bank said Hertz’s short-term profitability would be hampered by electric vehicle repair costs, rising operating expenses and vehicle depreciation. Spirit Airlines — Shares surged more than 17.2% after the budget airline raised its fourth-quarter forecast . Spirit Airlines said it expects revenue to come in at the high end of its expected range due to strong bookings and said that it anticipates adjusted negative margins to range between 12% and 13%. The stock has slumped more than 50% this week after a judge’s ruling blocked JetBlue’s planned acquisition of the airline. iRobot — Shares of the Roomba maker continued their recent slide with a drop of 26.9% on Friday as investors worried that the proposed acquisition of iRobot by Amazon would fall apart. The Wall Street Journal reported on Thursday that a European Union regulator intends to block the deal. Texas Instruments — The semiconductor stock added 4.0% after UBS upgraded Texas Instruments to a buy rating. As catalysts, the bank cited ” cleaner comps and fundamentals” and its belief that the company should be one of the first among its peers to see orders move higher. Nvidia , Advanced Micro Devices — Semiconductor stocks continued their rally Friday, with Nvidia gaining 4.2% after Wells Fargo said the chip giant is the ” clear beneficiary ” of Meta’s artificial intelligence infrastructure buildout. Shares of Advanced Micro Devices were up 7.1% amid growing investor bullishness. Travelers Companies — The insurance stock added 6.7% after posting fourth-quarter adjusted earnings of $7.01 per share, exceeding the $5.09 per share anticipated by analysts polled by LSEG, formerly known as Refinitiv. Schlumberger — Shares popped about 2.2% after the energy company reported fourth-quarter results that came above analysts’ estimates. Schlumberger reported adjusted earnings of 86 cents per share on $8.99 billion of revenue, higher than the 84 cents per share on $8.95 billion of revenue expected by analysts surveyed by LSEG. Broadcom — Shares added 5.9% after Goldman Sachs reinstated coverage of Broadcom with a buy rating. The bank said it expects strong double-digit revenue growth in the company’s artificial intelligence business and a cyclical recovery in its semiconductor business. Celsius Holdings — Shares of the drink company slid 12.7% following a downgrade to neutral from buy at Bank of America. The bank cited “uncertainty to sales momentum” as a reason for the adjustment. State Street — The financial services stock rose 2.1% after State Street posted fourth-quarter adjusted earnings of $2.04 per share, exceeding the $1.83 expected by analysts, according to FactSet. The company’s revenue of $3.04 billion was also higher than the anticipated $2.95 billion. State Street also announced a new $5 billion common share repurchase program. — CNBC’s Michelle Fox, Alexander Harring, Tanaya Macheel, Jesse Pound, Pia Singh and Samantha Subin contributed reporting. This post has been syndicated from a third-party source. View the original article here.
