See which businesses are trending in midday trading:
Intuit: After the company announced that it will eliminate 1,800 jobs, or around 10% of its workforce, in order to increase investments in artificial intelligence, shares of the parent company of TurboTax plummeted by almost 4%. 1,800 employees will be brought back, to work in technical, product, and customer-focused areas.
10x Genomics: Following Illumina’s announcement that it is purchasing Fluent BioSciences, the single-cell market leader saw a 13% decline in shares. Analysts believe that Illumina’s leadership will change as a result of the deal.
Following the news, shares of Illumina increased by over 4%. The stock of Teva Pharmaceutical Industries increased by 5%. Citing Teva’s strong pipeline, Argus upgraded the pharmaceutical company to buy on Wednesday from hold. In the meantime, UBS increased its price objective for shares by $2 to $24 per share and maintained a buy rating.
Deckers: Following the publishing of a negative note by research firm M Science about the footwear company, shares fell 5.8%. The company added that it saw a “notable deceleration” in the growth of Hoka and Ugg sales in June, which caused it to lower its first-quarter fiscal estimate.
LegalZoom.com — After the legal tech company revealed CEO Dan Wernikoff’s retirement and cut its full-year revenue outlook, shares fell more than 25%. With immediate effect, Chairman Jeffrey Stibel has been named the new CEO of the company.
Manufacturer of Semiconductors in Taiwan — After the company released its revenue figures, the chip stock increased by 3%. The company’s stated June revenue of T$207.87 billion represented a 32.9% rise over the same period last year, despite a 9.5% reduction from the previous month.
Baidu — As demand for its Apollo Go robotaxi develops in China, the stock increased by 2.4%. The Wall Street Journal revealed on Monday that Shanghai has been added to China’s list of elite cities where driverless robotaxis use is permitted without the need for safety supervisors, as part of the nation’s ambitions to commercialise autonomous driving.
Visa and Mastercard: The stocks of the payment card network processors fell, with Visa falling 1% and Mastercard losing 3%. Mastercard and Visa were both downgraded by Bank of America to neutral from buy. The bank stated that estimations and associated valuation multiples had limited upside.
Manchester United: The professional football team’s shares surged 2.4% following the firm reported its fiscal year 2024 third-quarter earnings. While its revenue for the third quarter dropped to 136.7 million euros from 170 million euros a year earlier, its revenue for the entire year is predicted to reach 660 million euros, almost the upper end of its estimate.
Source (CNBC)
