Lululemon Downgraded by Wells Fargo
Lululemon shares dropped 2% after a downgrade from Wells Fargo. The athleisure company was downgraded from overweight to equal weight. According to Wells Fargo, Lululemon’s previous positive catalysts have already played out, and the firm predicts slower growth in 2024.
Coinbase and MicroStrategy Gain as Bitcoin Soars
Shares of Coinbase and MicroStrategy saw gains of 6.6% and 7.5% respectively as bitcoin reached a 19-month high and surpassed the $41,000 mark. Marathon Digital and Riot Platforms also experienced an increase of nearly 8% each.
Spotify Announces Workforce Layoffs
Spotify’s shares rose by 8.8% following the announcement that the music streaming company would be laying off approximately 17% of its workforce, amounting to around 1,500 jobs.
Uber Joins S&P 500
Uber Technologies saw a 5.4% increase in its stock price after it was announced that the ride-sharing company would be added to the S&P 500 index. Jabil and Builders FirstSource will also be included in the index while Sealed Air, Alaska Air Group, and SolarEdge Technologies will be removed.
Vigin Galactic Faces Decline
Vigin Galactic shares plummeted by nearly 15% after British billionaire Richard Branson stated in an interview with the Financial Times that he would not make further investments in the space travel company. Branson cited financial limitations caused by the pandemic as the reason for his decision.
KeyBanc Downgrades United Rentals
United Rentals saw a 1.5% decrease in its stock price after being downgraded by KeyBanc from overweight to sector weight. KeyBanc cited a limited growth environment for the equipment rental company in fiscal year 2024.
Carvana Receives Upgrade from JPMorgan
Online car retailer Carvana experienced a 15% surge in its stock price after receiving an upgrade from JPMorgan. The Wall Street firm stated that Carvana has made progress in reducing costs and increasing productivity.
Alaska Air Group Agrees to Buy Hawaiian Airlines
Alaska Air Group’s stock fell by approximately 16% following the announcement of its agreement to acquire Hawaiian Airlines for $1.9 billion. As part of the deal, Alaska Air will pay $18 per share and take on $900 million in debt. Hawaiian Holdings, the parent company of Hawaiian Airlines, saw its stock soar by nearly 190%.
Mizuho Securities Upgrades General Motors
General Motors’ shares rose by 2.5% after being upgraded by Mizuho Securities from hold to buy. The firm believes that the stock has reached its lowest point and is poised for growth, especially after reaching a labor settlement with the United Auto Workers.
Palo Alto Networks Experiences Stock Dip
Cybersecurity firm Palo Alto Networks saw a 3.5% decrease in its stock price as it took a break from recent gains. Despite this dip, Morgan Stanley predicts that there is still room for the stock to grow, noting that Palo Alto became the first cybersecurity company to surpass $100 billion in market cap last week.
Hot Take: Mixed Results for Stocks
In midday trading, several stocks experienced both gains and losses. Lululemon faced a downgrade from Wells Fargo, while Coinbase, MicroStrategy, Marathon Digital, and Riot Platforms saw increases as bitcoin soared. Spotify announced workforce layoffs but still saw a rise in its stock price. Uber Technologies reached 52-week highs after being added to the S&P 500. Virgin Galactic faced a significant decline after Richard Branson ruled out further investment. KeyBanc downgraded United Rentals, while Carvana received an upgrade from JPMorgan. Alaska Air Group’s stock fell due to its agreement to acquire Hawaiian Airlines. General Motors experienced an upgrade from Mizuho Securities. Palo Alto Networks saw a temporary dip in its stock price.
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