WIX News & Events

Wix is cutting about 20% of its workforce, CEO Avishai Abrahami announced in a post on X. The CEO cited the "fast evolution of AI capabilities" and difficulties around currency exchange rates for the job cuts. "We have witnessed the most significant shift in how companies are built since the invention of modern programming languages in the 1970s. This is not just about adopting new tools - it is about rewiring how companies are built, how they think, how they manage and how they operate," Abrahami wrote, saying that the company would move toward fewer layers of leadership to make faster decisions. Abrahami also commented that "In the past few quarters the exchange rate between the Shekel and the US dollar has shifted significantly as the Israeli Shekel strengthens against the US Dollar almost every day. As the majority of our teams are Israel-based, a very meaningful portion of our costs are shekel-denominated, while our revenue is largely dollar-denominated. This creates a structural pressure on our ability to operate at our current scale. It is a reality that directly shapes what is sustainable for our company." The executive stated: "Today's decision was made to ensure we are here for our users and our shareholders, you among them, stronger and more capable, for years to come. We are doing this today because we are committed to building a company that is healthy, durable, and positioned to lead."

The major averages had a mixed day back from the long weekend as markets reacted to reports of potential progress in U.S.–Iran talks aimed at ending the conflict. However, uncertainty remains as the president also warned that military action remains possible if talks fail and fresh clashes between the U.S. and Iran clouded the outlook for an interim deal to reopen the Strait of Hormuz. Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Eli LillyCurevo, LimmaTech Biologics, and Vaccine Company in deals worth up to $4B combinedBPsaid Albert Manifold has been removed as board chair followingAutoZonereportedChip stocks, including Micronand Qualcommrose on hopes that easing geopolitical tensions around the Iran conflict could reduce supply-chain and risk-premium pressuresFerrariunveiled, a five-seat electric vehicle2. WALL STREET CALLS:Marvellto Buy at HSBC on "undervalued" optical interconnect strengthBooz Allento Buy at StifelNorthlandIntel, Astera Labsand Semtechto Market PerformBofAthe firm's price target on Appleto $380 from $330UBSthe firm's price target on Micronto $1,625 from $5353. AROUND THE WEB:Occidental Petroleumis buying a 10% interest in Exxon Mobil'sdeepwater exploration block offshore Trinidad and Tobago, Reuters reportsThe European Union is set to open an in-depth investigation into Chinese e-commerce group JD.com'sbid for German electronics retailer Ceconomy, FT reportsWixis preparing its largest-ever round of layoffs, with plans to cut about 1,000 jobs, or roughly 20% of its workforce, following weak earnings, a sharp stock decline, and mounting pressure on profitability, Calcalist reportsPrologisand the American Bureau of Shipping will be anchoring a $200M venture-capital, VC, fund betting on a U.S. revival in maritime and logistics, WSJ saysNvidiaCEO Jensen Huang has asked Super Micro Computerto tighten its compliance after Taiwan detained three people for allegedly making fraudulent declarations related to AI servers made by Nvidia, Bloomberg says4. MOVERS:ASP Isotopesgains after announcing it hasthe first 18 stages of its Silicon-28 enrichment facility located in Pretoria, South AfricaOusterincreases after entering aSatellogichigher after securing an $18M contract forCircle Internetfalls after KeyBanccoverage of the stock with a Sector Weight ratingCosanlower in New York after HSBCthe stock to Reduce5. EARNINGS/GUIDANCE:VNET Groupand backed its guidance for FY26Champion Homes, with EPS and revenue beating consensusCSW Industrial, with CEO Jospeh Armes commenting, "I am pleased to report all-time record revenue and adjusted EBITDA for the fiscal Q4 and FY26"Uni-Fuelsand raised its guidance for FY26Dropboxand fiscal year 2026 financial results to be in-line with or above the guidance rangesINDEXES:The Dow fell 118.02, or 0.23%, to 50,461.68, the Nasdaq gained 312.21, or 1.19%, to 26,656.18, and the S&P 500 advanced 45.65, or 0.61%, to 7,519.12.

The major averages were mixed near noon as markets react to reports of potential progress in U.S.–Iran talks aimed at ending the conflict, with sentiment supported by President Trump's comments that negotiations were "proceeding nicely." However, uncertainty remains as the president also warned that military action remains possible if talks fail.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Eli LillyCurevo, LimmaTech Biologics, and Vaccine Company in deals worth up to $4B combinedBPsaid Albert Manifold has been removed as board chair followingAutoZonereportedChip stocks, including Micronand Qualcommare rising on hopes that easing geopolitical tensions around the Iran conflict could reduce supply-chain and risk-premium pressuresFerrariunveiled, a five-seat electric vehicle2. WALL STREET CALLS:Marvellto Buy at HSBC on "undervalued" optical interconnect strengthBooz Allento Buy at StifelNorthlandIntel, Astera Labsand Semtechto Market PerformBofAthe firm's price target on Appleto $380 from $330UBSthe firm's price target on Micronto $1,625 from $5353. AROUND THE WEB:Wixis preparing its largest-ever round of layoffs, with plans to cut about 1,000 jobs, or roughly 20% of its workforce, following weak earnings, a sharp stock decline, and mounting pressure on profitability, Calcalist reportsPrologisand the American Bureau of Shipping will be anchoring a $200M venture-capital, VC, fund betting on a U.S. revival in maritime and logistics, WSJ saysDelta Air Linestypically prides itself on not canceling flight, but recently, domestic-flight cancellation rates have been higher than industry average, WSJ reportsNvidiaCEO Jensen Huang has asked Super Micro Computerto tighten its compliance after Taiwan detained three people for allegedly making fraudulent declarations related to AI servers made by Nvidia, Bloomberg saysBHP Groupis pulling back on decarbonization projects in its Western Australian iron ore operations, Bloomberg reports4. MOVERS:ASP Isotopesgains after announcing it hasthe first 18 stages of its Silicon-28 enrichment facility located in Pretoria, South AfricaOusterincreases after entering awith ARGUS InterceptionSatellogichigher after securing anfor persistent earth observation monitoringCircle Internet (CRCL) falls after KeyBancof the stock with a Sector Weight ratingCosanlower in New York after HSBCthe stock to Reduce5. EARNINGS/GUIDANCE:VNET Groupand backed its guidance for FY26Champion Homeswith EPS and revenue beating consensusCSW Industrial, with CEO Jospeh Armes commenting, "I am pleased to report all-time record revenue and adjusted EBITDA for the fiscal Q4 and FY26"Uni-Fuelsand raised its guidance for FY26Dropboxand fiscal year 2026 financial results to be in-line with or above the guidance rangesINDEXES:Near midday, the Dow was down 0.25%, or 124.37, to 50,455.33, the Nasdaq was up 0.84%, or 220.48, to 26,564.45, and the S&P 500 was up 0.38%, or 28.40, to 7,501.87.

Wix is preparing its largest-ever round of layoffs, with plans to cut about 1,000 jobs, or roughly 20% of its workforce, following weak earnings, a sharp stock decline, and mounting pressure on profitability amid concerns that advances in AI are reducing the need for certain roles, Calcalist's Sophie Shulman reports. The layoffs are expected to affect all departments across the company.