“Typical beer advocate. Future teen idol. Unapologetic tv practitioner. Music trailblazer.”
Check out the companies making headlines before the bell: Coinbase – Cryptocurrency-related assets rose after Bitcoin surpassed $40,000 for the first time this year. Coinbase shares jumped 7%, MicroStrategy shares rose 7%, and Marathon Digital shares rose 13%. Uber Technologies – The ride-hailing stock rose 4% after S&P Dow Jones Indices said Friday it would enter the S&P 500, along with Jabil and Builders FirstSource. The three companies will replace Sealed Air, Alaska Air Group, and SolarEdge Technologies. Shares of Jabil and Builders FirstSource rose more than 2%. General Motors – Shares of the Cadillac and Chevrolet maker rose 1.3% after an upgrade from Mizuho Securities, which said GM has hit bottom and is poised for growth, especially after the labor settlement with the United Auto Workers. Spotify Technology – Shares of Spotify rose more than 1% before the bell after the music streaming company said it would lay off 17% of its workforce as it looks to cut costs amid slowing growth. The total cuts amount to about 1,500 jobs, according to a CNBC source familiar with the matter. Spotify was up 129% for the year as of Friday’s close. Alaska Air Group – The Seattle-based carrier fell 12% after agreeing to acquire Hawaiian Airlines for $1.9 billion. Alaska Air, which will pay $18 per share, will assume $900 million in debt as part of the deal. Shares of Hawaiian Holdings, the parent company of Hawaiian Airlines, rose 182%. Alaska Air is also dropping out of the S&P 500. Lululemon Athletica – Shares fell 2.1% after Wells Fargo downgraded the athleisure company to equal weight from overweight. The bank said positive catalysts for Lululemon have already emerged, and it expects quieter growth in 2024. Carvana – Shares jumped more than 5% after JPMorgan upgraded Carvana to Neutral from Underweight. The Wall Street firm said the online auto retailer boosted productivity and made progress in cutting costs. — CNBC’s Michelle Fox, Hakyung Kim, Pia Singh and Samantha Subin contributed reporting
“Typical beer advocate. Future teen idol. Unapologetic tv practitioner. Music trailblazer.”
More Stories
JPMorgan expects the Fed to cut its benchmark interest rate by 100 basis points this year
NVDA Shares Drop After Earnings Beat Estimates
Shares of AI chip giant Nvidia fall despite record $30 billion in sales