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Check out the companies making headlines in afternoon trading. Wayfair – Shares of the digital home goods retailer rose 10.3% after the company said it would lay off 13% of its global workforce, including 19% of its corporate team, in an effort to shed management layers and reduce costs. Is included. This is Wayfair’s third restructuring since summer 2022, and is expected to save the company about $280 million. Hertz – The car rental company fell 4.1% after Jefferies downgraded its rating to buy. The bank said Hertz’s short-term profitability will be hampered by electric vehicle repair costs, rising operating expenses and vehicle depreciation. Spirit Airlines – Shares rose 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 forecast range due to strong bookings and expects adjusted negative margins to be between 12% and 13%. The stock has fallen more than 50% this week after a judge’s ruling blocked a planned acquisition of the airline by JetBlue. iRobot – Shares of the Roomba maker continued their recent decline, falling 26.9% on Friday as investors worried that Amazon’s proposed acquisition of iRobot would fall apart. The Wall Street Journal reported Thursday that an EU regulator wants to block the deal. Texas Instruments – The semiconductor stock rose 4.0% after UBS upgraded Texas Instruments to a buy rating. As a catalyst, the bank cited “clean comps and fundamentals” and believes the company should be one of the first to see a surge in orders among its peers. Nvidia, Advanced Micro Devices – Semiconductor stocks continued their rally on Friday, with Nvidia rising 4.2% after Wells Fargo said the chip giant is a “clear beneficiary” of Meta’s artificial intelligence infrastructure buildout. Shares of Advanced Micro Devices rose 7.1% amid growing investor sentiment. Travelers Companies – The insurance stock rose 6.7% after reporting fourth-quarter adjusted earnings of $7.01 per share, better than the $5.09 per share expected by analysts at LSEG, formerly known as Refinitiv. Schlumberger – Shares rose about 2.2% after the energy company reported fourth-quarter results that topped analysts’ estimates. Schlumberger reported adjusted earnings of 86 cents a share on $8.99 billion in revenue, better than the 84 cents a share on $8.95 billion in revenue expected by analysts surveyed by LSEG. Broadcom – Shares rose 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 beverage company fell 12.7% after being downgraded to neutral from buy at Bank of America. The bank cited “uncertainty in the pace of sales” as the reason for the adjustment. State Street – The financial services stock rose 2.1% after State Street reported fourth-quarter adjusted earnings of $2.04 per share, above the $1.83 expected by analysts, according to FactSet. The company’s revenue of $3.04 billion also exceeded the estimated $2.95 billion. State Street also announced a new $5 billion common share repurchase program. — CNBC’s Michelle Fox, Alexander Haring, Tanaya Machel, Jesse Pound, Pia Singh and Samantha Subin contributed reporting.
