Check out the companies making headlines in midday trading. Wayfair – Shares of the digital home goods retailer rose 10% after the company said it would lay off 13% of its global workforce, including 19% of its corporate team, in an effort to shed layers of management and cut costs. This is Wayfair's third restructuring since the summer of 2022, and is expected to save the company about $280 million. Hertz – The car rental company fell 6% following a downgrade from Jefferies to hold from buy. The bank said Hertz's short-term profitability will be affected by electric vehicle repair costs, higher operating expenses and lower vehicle values. Spirit Airlines – Shares rose more than 20% after the budget airline raised its fourth-quarter outlook. Spirit Airlines said it expects revenue to come in at the high end of its forecast range due to strong bookings and said it expects negative adjusted margins to be between 12% and 13%. The stock fell more than 50% this week after a judge's ruling blocked JetBlue's planned takeover of the airline. iRobot – Shares of the Roomba maker continued their recent decline with a nearly 30% decline on Friday as investors worried that the proposed takeover 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 rose 3.5% after UBS upgraded Texas Instruments to a buy rating. As catalysts, the bank cited “clean companies and fundamentals” and its belief that the company should be one of the first among its peers to see orders rise. Nvidia, Advanced Micro Devices — Semiconductor stocks continued to rise on Friday, with Nvidia stock rising 2.6% after Wells Fargo said the chip giant is a “clear beneficiary” of Meta's AI infrastructure buildout. Shares of Advanced Micro Devices rose 3% amid increasing investor bullish sentiment. TRAVELERS COMPANIES – The insurance stock added nearly 5% after it reported fourth-quarter adjusted earnings of $7.01 per share, exceeding the $5.09 per share expected by analysts surveyed by LSEG, formerly known as Refinitiv. Schlumberger – Shares rose about 2% after the energy company reported fourth-quarter results that came in above analysts' estimates. Schlumberger reported adjusted earnings of 86 cents per share on $8.99 billion in revenue, higher than the 84 cents per share on $8.95 billion in revenue that analysts surveyed by LSEG had expected. Broadcom – Shares rose 3% after Goldman Sachs returned 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 rebound in its semiconductor business. Celsius Holdings – Shares of the beverage company fell more than 10% after its rating was downgraded to neutral from buy at Bank of America. The bank cited “uncertainty about sales momentum” as the reason for the adjustment. STATE STREET — The financial services stock rose more than 2% after State Street reported fourth-quarter adjusted earnings of $2.04 per share, exceeding the $1.83 that analysts had expected, according to FactSet. The company's revenue of $3.04 billion was also higher than the $2.95 billion expected. State Street also announced a new $5 billion common stock buyback program. — CNBC's Michelle Fox, Alexander Haring, Tanaya Machel, Jessie Pound, Pia Singh and Samantha Sobin contributed reporting.
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