Wayfair stock halt impressive multi-day winning streak

Shares of the home furnishings and décor e-tailer Wayfair (NYSE: W) retreats almost 10% after the stock spiked more than 50% from the last Thursday’s closing. The stock dropped another 4% in midday U.S. trading Wednesday While the stock regained some of its vitality before the end of the day after the recent correction.

However, Investors continued to show buying interest in Wayfair shares in the coming days, following the company’s recently announced plans to drive cost efficiencies by cutting 1,750 employees. The company said the reduction of 1,750 employees - including 1,200 in corporate positions - will save about $750 million a year. The new layoffs come just months after the online furniture retailer cut 870 jobs last August.

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