Here’s a look at the companies making headlines in midday trading: Intuit – TurboTax’s parent company said it would cut 1,800 jobs, or about 10% of its workforce, to ramp up investments in artificial intelligence, sending shares down about $2.6 %. Intuit said it plans to rehire 1,800 employees in engineering, product and consumer-focused positions. LegalZoom.com — Shares of the legal technology company plunged more than 25% after it announced the departure of CEO Dan Wernikoff and slashed its full-year revenue forecast. Chairman Jeffrey Stibel has been named the company’s new CEO, effective immediately. In terms of revenue, LegalZoom currently expects full-year revenue to be in the range of $675 million to $685 million. The company had previously guided for a range of $700 million to $720 million. Taiwan Semiconductor Manufacturing — Chip stocks rose 3.5% after the company reported revenue results. Although the company’s revenue in June was NT$207.87 billion, down 9.5% from the previous month, it grew 32.9% from the same period last year. From January to June this year, the company’s revenue was NT$1.27 trillion, an increase of 28% over the same period last year. Carvana — Shares of the online car seller rose more than 4% after Needham upgraded the stock to buy from hold. Carvana can leverage its customer experience and physical footprint to increase unit sales, the company said. Fellow used car retailer CarMax also rose more than 6%. Baidu – shares rose about 2.7% as its Apollo Go robotaxis grow in popularity in China. On Monday, the Wall Street Journal reported that China has added Shanghai to a list of first-tier cities that will allow the use of driverless robotaxis without the presence of safety supervisors as part of its efforts to commercialize self-driving cars. Shanghai officials said residents can now book free robotaxis through Baidu and three other companies. Mastercard, Visa – Shares of payment card network processors fell, with Mastercard down 2.5% and Visa down about 1%. Bank of America downgraded Mastercard and Visa to “neutral” from “buy.” The bank said there is limited upside to estimates and their valuation multiples. Manchester United — Shares of Manchester United rose about 5.6% after the professional football club reported third-quarter fiscal 2024 profit results. It will be close to the guidance upper limit of 660 million euros. 10x Genomics — Shares of the single-cell market leader fell about 14%, coming under pressure after Illumina announced its acquisition of Fluent BioSciences. Analysts believe the deal marks a shift in leadership at Illumina. Illumina shares rose more than 6% after the news broke. Teva Pharmaceutical Industries — Shares rose 7.4%. Argus upgraded Teva Pharmaceuticals (Teva) to buy from hold on Wednesday, citing the drugmaker’s strong pipeline. Meanwhile, UBS Group AG, which also has a buy rating, raised its price target by $2 to $24 per share. Deckers — Shares of Deckers fell nearly 5% after research firm M Science issued a downbeat report on the shoe company. The company said it expects Hoka and Ugg sales growth to “slow significantly” in June, leading it to lower its first-quarter direct-to-consumer net sales forecast to $297 million. That’s down from $309 million. Advanced Micro Devices — Shares of the chip maker rose nearly 4%. AMD announced that it will acquire Silo AI, a private European artificial intelligence laboratory, in an all-cash transaction worth approximately US$665 million. The acquisition is expected to be completed in the second half of 2024.
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