Crypto-related Assets Surge as Bitcoin Crosses $40,000 Mark
Several companies in the cryptocurrency space experienced significant gains as Bitcoin surpassed $40,000 for the first time this year. Coinbase saw a 7% increase, while MicroStrategy and Marathon Digital climbed 7% and 13%, respectively.
Uber Joins S&P 500 Index
Ride-hailing giant Uber’s stock rose by 4% after S&P Dow Jones Indices announced its inclusion in the S&P 500 index. Jabil and Builders FirstSource will also be added to the index, replacing Sealed Air, Alaska Air Group, and SolarEdge Technologies. Jabil and Builders FirstSource witnessed more than a 2% increase in their respective stock prices.
General Motors Receives Positive Outlook
Shares of General Motors (GM) rose by 1.3% following an upgrade from Mizuho Securities. The firm stated that GM has reached its lowest point and is now poised for growth, especially after resolving labor issues with the United Auto Workers.
Spotify Cuts Workforce Amid Slower Growth
Music streaming platform Spotify announced layoffs amounting to 17% of its workforce in an effort to reduce costs due to slower growth. Approximately 1,500 jobs will be affected by these cuts. Despite this news, Spotify’s stock rose by over 1% and has seen a significant increase of 129% this year.
Alaska Air Group Acquires Hawaiian Airlines
Alaska Air Group agreed to acquire Hawaiian Airlines for $1.9 billion, resulting in a 12% decline in Alaska Air’s stock price. The deal includes Alaska Air taking on $900 million in debt. However, Hawaiian Holdings, the parent company of Hawaiian Airlines, experienced a substantial 182% surge in its stock price.
Wells Fargo Downgrades Lululemon Athletica
Lululemon Athletica’s shares dropped by 2.1% after Wells Fargo downgraded the athleisure company from overweight to equal weight. The bank believes that Lululemon has already reached its positive catalysts and expects slower growth in 2024.
JPMorgan Upgrades Carvana
Online car retailer Carvana witnessed a more than 5% increase in its stock price after JPMorgan upgraded it from underweight to neutral. The financial institution noted Carvana’s improved productivity and cost-cutting measures as reasons for the upgrade.
Hot Take: Crypto Market Flourishes as Bitcoin Surpasses $40,000 Milestone
The cryptocurrency market experienced a surge in various assets as Bitcoin broke through the $40,000 mark for the first time this year. This milestone resulted in significant gains for companies such as Coinbase, MicroStrategy, and Marathon Digital. Meanwhile, Uber’s inclusion in the S&P 500 index propelled its stock price upward. General Motors received an optimistic outlook following an upgrade from Mizuho Securities. On the other hand, Spotify announced workforce cuts due to slower growth but still saw a rise in its stock price. Alaska Air Group acquired Hawaiian Airlines while Lululemon Athletica faced a downgrade from Wells Fargo. JPMorgan’s upgrade of Carvana contributed to its stock price increase.
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