Check out the companies making headlines in midday trading. Etsy — Etsy’s stock sank 5% after the e-commerce company said it’s laying off 11% of its workforce , or about 225 employees, as it deals with a difficult macro and competitive environment. The e-commerce marketplace also updated fourth-quarter guidance. Pfizer — Pfizer shares tumbled 7% and touched a 10-year low. The drugmaker offered 2024 revenue and profit guidance that fell below Wall Street’s expectations as demand for its Covid-related products softens. The company also upped the target of its cost-cutting plan by $500 million. Tesla — Shares declined by 2.5% after the electric vehicle maker recalled around 2 million vehicles in the U.S. due to a defect within Autopilot. The recall effects vehicles within Tesla’s Model S, Model X, Model 3 and Model Y lines built since 2012, according to filings posted to the National Highway Traffic Safety Administration. Vertex Pharmaceuticals — The biotechnology stock skyrocketed nearly 11%. Vertex Pharmaceuticals said a trial of its opioid alternative showed promise in reducing nerve pain. Southwest Airlines — Southwest shares sank about 6% after the company said it expects higher fuel costs in the fourth quarter. The airline said it now expects economic fuel costs to range between $3 and $3.10 per gallon, versus its previous estimate of $2.90 to $3. Johnson & Johnson — The health care name dipped less than 1% after Wells Fargo downgraded the stock to equal weight from overweight. The Wall Street firm said it’s concerned about JNJ’s “muted” earnings per share growth. Roblox — Shares of the video game company gained 1% on Wednesday after Wells Fargo initiated coverage of Roblox with an overweight rating. The investment firm said that the stock market is undervaluing the growth potential from Roblox’s push into advertising. U.S. Steel — Shares of the steelmaker rose about 5% after the company received multiple bids for it, sources told CNBC’s David…
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