Check out the companies making headlines in midday trading. Tesla – Shares fell 5.6% after an internal memo said the electric car maker plans to lay off more than 10% of its global workforce. “As we prepare the company for the next phase of growth, it is extremely important that we look at every aspect of the company to reduce costs and increase productivity,” CEO Elon Musk said in the memo. Tesla had approximately 141,000 employees as of December 2023. Shares of Goldman Sachs rose 2.9% after the investment bank beat Wall Street's first-quarter earnings expectations, posting a 28% jump in profits to $4.13 billion over the same period last year. The previous year due to the recovery in capital market activities. Goldman had earnings of $11.58 per share on revenue of $14.21 billion for the period, while analysts surveyed by LSEG had expected earnings of $8.56 per share on revenue of $12.92 billion. Logitech – Shares fell 6.4% after Morgan Stanley downgraded the computer peripherals stock to underweight, saying the market was “mispricing” the company's “future growth algorithm.” Analyst Eric Woodring expects annual revenue growth of just 3% through fiscal 2027, which is below consensus. Salesforce – The customer relationship management software stock fell 7.3%, becoming the biggest loser in 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 – Shares rose 0.1% after getting an upgrade to buy from hold at Stifel. The company sees a return to high single-digit growth and a steady margin expansion trajectory for the health 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-weight coverage of the social media platform, saying the shares were already trading at fair value. Both JPMorgan and Goldman Sachs gave Reddit a neutral rating. Others were more bullish on the stock. Deutsche Bank called Reddit a buy, while Raymond James said social media stocks are a strong buy. Medical Real Estate Fund – Shares jumped 18.8% after the real estate investment trust said it will sell majority stakes in five hospitals in Utah to a new joint venture for a total of $886 million. Trump Media and Technology Group – Trump Media shares fell 18.4% after the company filed to issue up to 21.5 million shares. Since the company, which created the Truth Social app, began trading on March 26, its stock price has fallen more than 62%, from an opening price of nearly $71 to about $27 on Monday. Coupang – The South Korea-based e-commerce company rose 1.9% after an upgrade to buy from neutral at Citi. The bank believes there is still room to expand Coupang's margins as the company raises subscription fees, anticipating little opposition from customers due to its strong delivery service. Snap One, Resideo Technologies — Shares of Snap One jumped 29.5% after the smart living products provider said it would be acquired by Resideo Technologies, a home automation company, in a deal worth about $1.4 billion, or $10.75 per share in cash. Resideo stock fell 3.5%. Charles Schwab – The online brokerage and money manager added 1.7% after posting mixed first-quarter results. Schwab reported earnings of 74 cents, in line with LSEG estimates, while revenue was $4.74 billion, slightly above analysts' consensus forecast of $4.71 billion. — CNBC's Yun Li, Lisa Kailai Han, Sarah Min and Michelle Fox contributed reporting.
