Before the bell rings, take a look at the businesses making news:
Coinbase: As Bitcoin crossed $40,000 for the first time this year, assets linked to cryptocurrencies increased. MicroStrategy gained 7%, Coinbase increased 7%, and Marathon Digital increased 13%.
Uber Technologies — After S&P Dow Jones Indices announced on Friday that it will join the S&P 500 alongside Jabil and Builders FirstSource, the ride-hailing stock increased by 4%. Sealed Air, Alaska Air Group, and SolarEdge Technologies will all be replaced by the three. Jabil’s and Builders FirstSource’s shares both increased by over 2%.
GM Motors Mizuho Securities upgraded GM and stated the company is ready for development, especially after the labour deal with the United Auto Workers. As a result, shares of the Cadillac and Chevrolet maker rose 1.3%.
Spotify Technology: The music streaming company stated it is letting off 17% of its staff in an effort to reduce expenses amid slowing growth, and as a result, its stock increased by more than 1% before of the bell. A CNBC source with knowledge of the situation estimates that 1,500 jobs will be lost overall. As of Friday’s closure, Spotify’s annual growth was 129% higher.
Lululemon Sportswear — After downgrading the athleisure firm to equal weight from overweight, Wells Fargo’s shares fell 2.1%. The bank stated that the favourable catalysts for Lululemon have already materialised and projected further restrained growth in 2024.
After deciding to pay $1.9 billion to acquire Hawaiian Airlines, Alaska Air Group, an airline located in Seattle, saw a 12% decline in shares. As part of the agreement, Alaska Air, which would pay $18 per share, would assume $900 million in debt. Hawaiian Holdings—the company that owns Hawaiian Air—rose 182%. Alaska Air is departing the S&P 500 index as well.
Source (CNBC)
