Wayfair, Meta, Apple and others

Check out the companies that make headlines in the afternoon trade.

Wafer — Shares of the furniture retailer jumped 26.8% on Monday after Wayfair received an upgrade from several Wall Street firms, including a double upgrade to overweight from a downgrade at JPMorgan. The company announced on Friday that it will lay off about 10% of its global workforce as part of a cost-cutting plan. JPMorgan cited Wayfair management’s “newfound commitment to cost control” in its update note.

An Apple – Apple shares rose 2.35% as the opening of China gave investors hope that it will lift the tech and electronics business. Morgan Stanley called the stock a top pick, saying the opening has “important implications” for both supply and demand.

Meta — Meta shares rose 2.8% after Citi reiterated its buy recommendation on the social network, saying that while macro visibility is limited, they believe the market is stabilizing.

Spotify – Spotify added 2.07% after the company sent an internal memo to employees on Monday announcing plans to lay off 6% of its global workforce, or about 600 employees. Spotify CEO Daniel Ek admitted that the streaming giant is “too ambitious in terms of investments that outpace our revenue growth.”

Skechers — Skechers rose 4.57% after Cowan upgraded the stock to outperform the market. The firm said there are potential benefits that Wall Street could overlook.

sales department Salesforce shares rose 3.05% after news that activist investor Elliot Management has reportedly invested a multi-billion dollar investment in the company. The announcement comes just weeks after Salesforce announced a 10% staff cut and some office closures.

Qualcomm — Shares of the semiconductor maker rose 6.62% after Barclays upgraded its rating from Overweight to Balance. The firm cited Qualcomm’s impact on data centers, personal computers and headsets as reasons for its more upbeat rating.

western digital — Shares jumped 8.66% after Bloomberg reported that merger talks between Western Digital and Kioxia are moving forward. The report states that Western Digital will spin off its flash business and merge it with Kioxia into a separate company.

Xylem — Shares of water technology company Xylem fell 8.76% on news of the acquisition. Ewokwa Water Technology in a stock deal worth approximately $7.5 billion. Evoqua’s shares jumped more than 15% after the announcement.

– CNBC’s Michelle Fox, Alex Harring, Tana Machil, Jesse Pound, Carmen Reinike, Pia Singh and Samantha Subin provided reporting.