At midday, several companies are making headlines. Etsy's stock dropped 5% after announcing that 11% of their workforce, around 225 employees, will be laid off in response to a struggling macro and competitive environment. The company also updated its fourth-quarter guidance. Pfizer saw a 7% decrease in their shares and hit a 10-year low after issuing future revenue and profit guidance that did not meet Wall Street's expectations, along with increasing their cost-cutting plan by $500 million. Tesla shares fell 2.5% after recalling two million vehicles in the U.S. due to an Autopilot defect. Vertex Pharmaceuticals skyrocketed 11% after a trial of their opioid alternative showed great potential in reducing nerve pain. Southwest Airlines saw a 6% decrease after predicting higher fuel costs in the fourth quarter. Johnson & Johnson dipped slightly after Wells Fargo downgraded it to an equal weight from overweight, citing their "muted" EPS growth. Roblox earned an overweight rating from Wells Fargo, which resulted in a 1% increase in their shares. U.S. Steel skyrocketed 5% after receiving multiple bids, one of which is higher than the original $35 a share offer from Cleveland-Cliffs back in August. Take-Two Interactive rose 3% when they announced that they are joining the Nasdaq-100 index, which resulted in Seagen's removal from the index. Cognyte Software plummeted 7% following their third-quarter beat and strong outlook. Coherent dropped 3% after Morgan Stanley downgraded them to an equal weight. Xponential Fitness gained 7% following their upgrade from Stifel to a buy from hold. MSCI increased 1% when Morgan Stanley upgraded them to an overweight rating. Hertz saw a 2% decrease after Oppenheimer downgraded them to a perform rating. On the other hand, ABM Industries surged 14% after topping Wall Street's expectations and upping their dividend, while Health Catalyst rose 3% following JPMorgan's upgrade to an overweight rating. CNBC's Hakyung Kim, Alex Harring, Lisa Kailai Han, Yun Li, Jesse Pound, Tanaya Macheel, Pia Singh and Sarah Min contributed to this report.
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