The Spotify logo on a smartphone placed in St. Thomas, US Virgin Islands, Saturday, January 29, 2022.
Gabby Jones | Bloomberg | Bloomberg | Getty Images
Check out the companies in the spotlight on the midday deal.
Wayfair — The furniture retailer’s stock jumped 24.1% on Monday after Wayfair received upgrades from multiple Wall Street firms. The company announced on Friday that it will furlough about 10% of its global workforce as part of a cost-cutting plan. In an upgrade note, JPMorgan cited Wayfair management’s “new take on expense management.”
apple – Apple shares rose 3.2%. This is because the re-opening of China’s economy has given investors hope to boost the technology and electronics business. Morgan Stanley called the stock a frontrunner and said the reopening had “important implications” for supply as well as demand.
meta — Meta shares rose 2.4% after Citi repeated buy ratings on the social media company, saying he believes the market is stable despite limited macro visibility.
Spotify — Spotify is up 3.1% The company sent an internal memo to employees on Monday announcing plans to furlough 6% of its global workforce, or about 600 employees. Spotify CEO Daniel Ek has admitted that the streaming giant is “too ambitious about investing ahead of revenue growth.”
sketchers — The Skechers rose 3.7% after Cowen upgraded the stock to outperform the market. The company said there are potential benefits that Wall Street may be overlooking.
Salesforce — Salesforce shares rose 3.9% on news that activist investor Elliott Management had invested in the company for billions of dollars. The announcement comes just weeks after Salesforce said it would cut his 10% of staff and close several offices.
Qualcomm — The chip maker’s share price rose 6.7% after Barclays upgraded its rating from overweight to equal weight. The company cited its exposure to Qualcomm’s data centers, personal computers and headsets as the reason for its more optimistic assessment.
western digital — Shares rose 7% after Bloomberg reported that Western Digital and Kioxia were in talks to merge. Western Digital will spin off its flash business and as a separate company he will merge with Kioxia, the report says.
xylem — Shares of water tech stock Xylem fell 8.2% on news that the company was being acquired. Evoca Water Technologies In an all stock deal worth about $7.5 billion. After the announcement, Evoqua’s stock rose more than 14% of his.
— CNBC’s Michelle Fox, Alex Harring, Tanaya Macheel, Jesse Pound, Carmen Reinicke, Pia Singh, and Samantha Subin contributed to the report.