Wayfair +26.8%

Shares of furniture retailer Wayfair saw a drastic rise on Monday, following positive upgrades from several Wall Street firms, including a double upgrade to overweight from underweight at JPMorgan. The company had announced on Friday that it would be cutting approximately 10% of its global workforce as part of a cost-saving initiative. JPMorgan’s upgrade note cited the company’s management’s renewed focus on controlling expenses as a factor for the upgrade.

Apple +2.35%

Apple shares increased in value as the reopening of China raised hopes of a boost for the technology and electronics industry. Morgan Stanley named the stock as a top pick, stating that the reopening has significant implications for both demand and supply in the market.

Meta +2.8%

Shares of Meta, the parent company of Facebook, rose after Citi restated its buy rating, stating that while there is limited visibility on macroeconomic factors, they believe the market is becoming more stable.

Spotify +2.07%

Spotify shares rose following the announcement of the company’s plans to lay off 6% of its global workforce, equivalent to around 600 employees, in an internal memo to staff on Monday. The CEO of Spotify, Daniel Ek, acknowledged that the company had “been too ambitious in investing ahead of our revenue growth.”

Salesforce +3.05%

The shares value of Salesforce increased after it was reported that activist investor Elliot Management has made a multibillion-dollar investment in the company. This news follows Salesforce’s announcement a few weeks ago that it would be cutting 10% of its staff and closing some offices.

Qualcomm +6.62%

The shares of the semiconductor manufacturer increased in value after Barclays upgraded its rating from overweight to equal weight. The bank cited Qualcomm’s exposure to the data center, personal computer, and headset markets as reasons for its more positive assessment.

Western Digital +8.66%

Shares of Western Digital jumped following a report by Bloomberg stating that merger talks between Western Digital and Kioxia are progressing. According to the report, Western Digital plans to spin off its flash business and merge it with Kioxia in a separately traded company.

Xylem -8.76%

Shares of water technology company Xylem dropped following the announcement of its acquisition of Evoqua Water Technologies in an all-stock deal valued at approximately $7.5 billion. Evoqua shares rose by over 15% in response to the news.