Coinbase, Uber Technologies, and General Motors Among Companies Making Headlines Before the Bell
As the market gears up for another day of trading, several companies are already making headlines before the opening bell. Here’s a look at some of the top movers and shakers in today’s pre-market activity.
Coinbase Leads Crypto-Related Surge
Crypto-related assets surged after Bitcoin topped $40,000 for the first time this year. As a result, Coinbase, a prominent cryptocurrency exchange, saw its stock price jump 7% in pre-market trading. Alongside Coinbase, MicroStrategy gained 7% and Marathon Digital climbed 13% as investor interest in cryptocurrencies continued to grow.
Uber Technologies Enters S&P 500
Uber Technologies, the popular ride-hailing company, experienced a 4% increase in its stock price after news broke that it will join the S&P 500. Along with Jabil and Builders FirstSource, Uber Technologies will replace Sealed Air, Alaska Air Group, and SolarEdge Technologies in the prestigious index. This significant development is likely to have a significant impact on investor sentiment for the newly added companies.
General Motors Receives Upgrade from Mizuho Securities
Shares of General Motors, a well-known automobile manufacturer, added 1.3% after receiving an upgrade from Mizuho Securities. The upgrade noted that GM has bottomed and is now poised for growth, especially following the labor settlement with the United Auto Workers. This positive outlook from a reputable financial firm is likely to instill confidence in GM investors.
Spotify Announces Workforce Layoffs
Music streaming giant Spotify saw its stock price rise more than 1% in pre-market trading, despite announcing that it will be laying off 17% of its workforce in an effort to reduce costs amid slower growth. According to a CNBC source familiar with the matter, the cuts will total about 1,500 jobs. This decision comes as a response to the shifting landscape of the music industry, and it remains to be seen how it will impact the company’s future performance.
Other Notable Movements
Alaska Air Group, the Seattle-based carrier, saw a significant 12% decline after agreeing to acquire Hawaiian Airlines for $1.9 billion. Lululemon Athletica experienced a 2.1% dip in its share price following a downgrade from Wells Fargo. On the flip side, Carvana saw its stock price jump over 5% after JPMorgan upgraded the online car retailer to neutral from underweight.
As the market opens for another day of trading, investors will be closely monitoring the performance of these and other companies to gauge the overall health and direction of the market. Stay tuned for more updates as the trading day progresses.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin