Why Wayfair Stock Popped Today

Shares of home-furnishing e-commerce company Wayfair (W 7.84%) popped on Friday after it announced it was cutting 13% of its global workforce. As of 10:10 a.m. ET, Wayfair stock was up 11%.Why did the market respond positively to this?Wayfair CEO Niraj Shah summed up the problem by saying, "The reality is that we went overboard in hiring during a strong economic period." For an example of a strong economic period, consider that the company's revenue jumped from $9.1 billion to$14.1 billion in 2020. It buil ...