Goldman Sachs shares saw a 3.3% increase in premarket trading after the company exceeded Wall Street’s expectations for first-quarter earnings, posting earnings of $11.58 per share on revenue of $14.21 billion. Logitech’s shares dropped 2% after being downgraded to underweight by Morgan Stanley, with forecasts of only 3% annual revenue growth through fiscal year 2027. Meanwhile, Masimo’s health tech stock rose over 2% following an upgrade to buy from hold at Stifel, citing room for further share price appreciation and business improvement opportunities. Salesforce shares fell nearly 3% amid reports that the software company is in advanced talks to acquire Informatica, a data management firm. Medical Properties Trust saw shares rise 14% after announcing the sale of majority interests in five Utah hospitals, valued at $886 million. Coupang, a South Korea-based e-commerce company, gained 2% following an upgrade to buy at Citi, which sees potential for margin expansion as subscription fees increase.
Lockheed Martin, an aerospace and defense stock, saw nearly 2% growth after an upgrade to overweight at JPMorgan, expecting a better outlook due to supplemental funding from overseas geopolitical events. Cisco Systems’ shares rose 2% after an upgrade to buy from neutral at Bank of America, with expected growth in security and networking categories. Coty saw a 1.3% increase in shares after Canaccord Genuity initiated coverage with a buy rating, citing growth opportunities and strong brands. Charles Schwab fell 1% after mixed first-quarter results, earning 74 cents per share and revenue slightly above consensus forecasts. Snap One shares surged 30% after announcing acquisition by Resideo Technologies for $10.75 per share in cash, valuing the transaction at $1.4 billion including net debt. Resideo shares jumped 5% following the news.
Tesla shares declined 1% after an internal memo revealed plans to lay off more than 10% of its global workforce in order to reduce costs and increase productivity for the company’s next phase of growth. CNBC’s Brian Evans, Michelle Fox, Sarah Min, and Pia Singh contributed reporting on these market movements.
