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Spot, Space, Lulu and others

by Michael Stark

Shares of Lululemon Decline After Downgrade by Wells Fargo
Lululemon, the popular athleisure company, saw its shares decline by 2% following a downgrade by Wells Fargo. The firm downgraded Lululemon to equal weight from overweight, citing that the company’s prior positive catalysts have already played out and forecasting more muted growth in 2024.

Cryptocurrency-Related Stocks Show Strong Gains
Shares of cryptocurrency-related companies Coinbase and MicroStrategy gained 6.6% and 7.5%, respectively, as bitcoin surged, passing the $41,000 mark to achieve a 19-month high. Additionally, Marathon Digital and Riot Platforms experienced nearly 8% growth each.

Spotify Announces Workforce Layoffs
Music streaming company Spotify announced an 8.8% increase in its shares following news of a workforce reduction. The company revealed it would be laying off 17% of its workforce, equating to approximately 1,500 jobs, according to a reliable source.

Uber Technologies Reaches 52-Week High
Uber Technologies saw its shares jump approximately 5.4% and trade at 52-week highs after being announced to join the S&P 500 by S&P Dow Jones Indices. This announcement also included Jabil and Builders FirstSource joining the S&P 500. The three stocks will replace Sealed Air, Alaska Air Group, and SolarEdge Technologies, with Jabil and Builders FirstSource both experiencing minor decreases in their stock value.

Virgin Galactic Shares Plunge
Shares of space company Virgin Galactic plummeted nearly 15% following an interview with British billionaire Richard Branson, in which he ruled out further investment in the space travel company. Branson stated that his business empire no longer holds the same financial power it once did in the wake of the pandemic.

Alaska Air Group to Buy Hawaiian Airlines
Alaska Air Group experienced a 16% decline in its stock value after announcing its agreement to buy Hawaiian Airlines for $1.9 billion. As part of the deal, Alaska Air would pay $18 a share and take on $900 million in debt, resulting in a significant boost for Hawaiian Airlines’ parent Hawaiian Holdings, which saw its stock soar nearly 190%.

Other Market Developments
Other notable shifts in the market included General Motors’ shares jumping 2.5% following an upgrade by Mizuho Securities, and online car retailer Carvana seeing a 15% increase in its shares after being upgraded by JPMorgan. Conversely, cybersecurity firm Palo Alto Networks experienced a 3.5% drop in its shares on Monday.

Overall, the midday trading session saw a mix of gains and losses for various companies in the market, with both positive and negative developments impacting stock values.

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