Nikola Corporation (Nasdaq: NKLA) has provided a progress update on its business optimization efforts, which aim to streamline operations and reduce cash spend. As part of these initiatives, the company conducted a thorough review of its organizational structure and made the strategic decision to reduce its headcount. Approximately 150 team members across multiple sites supporting European programs, along with around 120 employees primarily based in Phoenix and Coolidge, Arizona, were affected by these changes.

In addition to the workforce reduction, Nikola expects these measures to significantly decrease personnel-related cash spend by over $50 million annually. These actions align with the company's focus on North American markets, zero-emission truck production, and its HYLA hydrogen business. Nikola's CEO, Michael Lohscheller, emphasized the proactive management of costs and the streamlining of operations to efficiently execute their objectives.

Furthermore, Nikola highlighted its ongoing commitment to launching the Class 8 hydrogen fuel cell electric truck in Q3, with 178 sales orders from 14 end customers. The company also expressed optimism regarding the progress of its HYLA hydrogen energy infrastructure business, citing multiple partnerships and a first-mover infrastructure advantage.

$NKLA was trading at $1.16, down $0.02 (-1.71%) in after-hours, following the announcement.

MorphoSys AG (Nasdaq: MOR), a biopharmaceutical company, received positive assessments from both JP Morgan and Wells Fargo. 

JP Morgan upgraded the stock from Underweight to Overweight and increased the price target from $3.3 to $10. Similarly, Wells Fargo initiated coverage on MorphoSys with an Overweight rating and set a Price Target of $17.

On Friday, $MOR closed at $7.72, reflecting a significant increase of $0.61 or 8.58%. 

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