Phunware (NASDAQ:PHUN) stock is on the move Friday as investors react to the company’s recent layoffs news.
That news was announced yesterday and will see the company cutting roughly 33% of its employees. According to the company, this should result in it saving $5 million annually. This decision comes as the company chases after profitability.
While layoffs news and plans for profitability are positives, that wasn’t how investors saw the news yesterday. Instead, the company’s stock slid lower in what appeared to be a case of weakened morale among shareholders.
PHUN Stock Recovery
And despite that, shares of PHUN stock are rising higher on Friday. However, that might be due to other news not directly related to the company. For example, Digital World Acquisition (NASDAQ:DWAC) reached a settlement with the Securities and Exchange Commission (SEC).
Digital World Acquisition has agreed to an $18 million settlement, but only if it merges with former President Trump’s Trump Media and Technology Group (TMTG). This is the parent company of Trump’s Truth Social social media app.
News of DWAC reaching a settlement has the company’s stock climbing higher today. Both it and Phunware have been tied to Trump previously. That means part of PHUN’s rally today likely has to do with that connection.
PHUN stock is seeing some 3.8 million shares change hands as of Friday morning. That’s already well above its daily average trading volume of about 1 million shares. It also has the company’s stock up 12.2% as of this morning.
Investors can find out even more of the latest stock market news just by sticking around!
We have all of the biggest stock market stories that traders are going to want to read about on Friday! Among those is what’s moving shares of SiriusXM (NASDAQ:SIRI), Chewy (NYSE:CHWY), and Xpeng (NYSE:XPEV) stock today. You can catch up on all of that news at the following links!
More Friday Stock Market News
- SIRI Stock: Sirius XM Short Squeeze Abates After Analyst Downgrade
- CHWY Stock Alert: What to Know as Chewy CFO Announces Retirement
- XPEV Stock Alert: JPMorgan Just Issued a Warning About Xpeng
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
