Check out the companies making headlines in midday trading: Intuit — Shares of the TurboTax parent company fell nearly 4% after it said it will slash 1,800 jobs , or about 10% of its workforce, as it boosts investments in artificial intelligence. Intuit said it plans to rehire 1,800 people for engineering, product and consumer-focused roles. LegalZoom.com — Shares plummeted more than 25% after the legal tech company announced the departure of CEO Dan Wernikoff and slashed its full-year revenue outlook. Chairman Jeffrey Stibel has been named as the company’s new CEO, effective immediately. In terms of revenue, LegalZoom now expects between $675 million and $685 million for the full year. The company’s prior guidance was between $700 million and $720 million. Taiwan Semiconductor Manufacturing — The chip stock advanced 3% following the company’s revenue results . Though the company’s reported T$207.87 billion for the month of June was a 9.5% decrease from last month, it was a 32.9% increase from the year-ago period. For January through June this year, the company reported T$1.27 trillion, which is a 28% increase from the same period last year. Carvana — Shares of the online car seller added 5% after Needham upgraded the stock to buy from hold. The firm said Carvana can grow unit sales by leveraging its customer experience and physical footprint. Peer used-car retailer CarMax also popped more than 6%. Baidu — The stock rose 2.4% as popularity for its Apollo Go robotaxi grows in China. On Monday, The Wall Street Journal reported that China, as part of the country’s efforts to commercialize autonomous driving, had added Shanghai to a list of top-tier cities that allow the use of driverless robotaxis without the presence of safety supervisors. Shanghai officials said residents can now book free robotaxi rides through Baidu and three other companies. Mastercard , Visa — The payment card network processors’ stocks dropped, with Mastercard losing 3% and Visa sliding 1%. Bank of America downgraded both Mastercard and Visa to neutral from buy. The bank cited limited upside for estimates and their valuation multiples. Manchester United — Shares of the pro football club popped 2.4% after the company posted its third-quarter earnings results for fiscal 2024. Though its revenue for the third quarter came in at 136.7 million euros, which is down from 170 million euros a year ago, its revenue for the full year is expected to come near the higher end of its guidance at 660 million euros. 10x Genomics — Shares of the single-cell market leader fell around 13%, coming under pressure after Illumina’s announcement that it is acquiring Fluent BioSciences. Analysts think the deal signals a shift in the leadership at Illumina. Illumina shares were up more than 4% following the news. Teva Pharmaceutical Industries — Shares moved 5% higher. On Wednesday, Argus upgraded Teva to buy from hold, citing the pharmaceutical company’s robust pipeline. Meanwhile, UBS, which also has a buy rating, raised its price target by $2 to $24 per share. Deckers — Shares slid 5.8% after research firm M Science released a downbeat note on the footwear company. The firm said it sees a “notable deceleration” in Hoka and Ugg sales growth in June, leading it to trim its fiscal first-quarter estimate for direct-to-consumer net sales to $297 million. That is down from $309 million. Advanced Micro Devices — Shares of the chipmaker jumped more than 3%. AMD announced it would acquire Silo AI, a private AI lab in Europe, in an all-cash deal valued at roughly $665 million. The acquisition is expected to close in the second half of 2024. — CNBC’s Alex Harring, Fred Imbert, Samantha Subin, Pia Singh, Michelle Fox and Darla Mercado contributed reporting.
Source: www.cnbc.com