Southwest Airlines has announced a significant 15% reduction in its corporate workforce, as revealed by CEO Bob Jordan. Following this announcement, the company's stock surged by 2.4%. Meanwhile, Bath & Body Works experienced a stock increase of nearly 4%, driven by an upgrade to overweight from neutral by JPMorgan.
In airline developments, Delta Air Lines faced a setback as its stock dropped 0.8%. This decline followed a flight crash on landing from Minnesota to Toronto, which resulted in at least 18 reported injuries. This incident has drawn attention to Delta's safety measures and operational protocols.
In the fashion sector, Tapestry received positive endorsements as Goldman Sachs and Bank of America initiated coverage with buy ratings. Additionally, JPMorgan started coverage with an overweight rating. Tapestry's flagship brand, Coach, continues to maintain its momentum after a successful 2024. An upgrade to buy by Redburn Atlantic led to a more than 2% rise in Tapestry's stock.
Venture Global also witnessed a stock rise of 3.7%, fueled by several Wall Street initiations. This reflects strong investor confidence and interest in Venture Global's future prospects.
However, not all companies shared in the gains. Fluor's stock plummeted by 5.5% due to weak fourth-quarter results and guidance. Analysts had anticipated earnings of 78 cents per share and revenue of $4.42 billion according to FactSet, but Fluor fell short of these expectations.
Medtronic reported disappointing quarterly revenue, resulting in a 2.5% decline in its stock value. Despite the revenue miss, Medtronic surpassed earnings estimates, owing to robust demand for its heart and diabetes products.
Snowflake saw a nearly 3% rise in its stock price after Wolfe Research upgraded it to outperform from peer perform. This positive adjustment reflects growing confidence in Snowflake's market performance and potential.