Check out the latest market movements as several companies have been making headlines in midday trading. Lululemon saw a 2% decline following a downgrade by Wells Fargo to equal weight from overweight. The firm cited the completion of Lululemon’s prior positive catalysts and predicted more muted growth in 2024.
On the other hand, shares of Coinbase and MicroStrategy gained 6.6% and 7.5% respectively as bitcoin surged, reaching a 19-month high at over $41,000. Spotify also made waves, with shares increasing by 8.8% after the announcement of layoffs amounting to around 1,500 jobs.
Uber Technologies saw a 5.4% jump and reached a 52-week high after being added to the S & P 500, along with Jabil and Builders FirstSource. Meanwhile, Virgin Galactic shares plummeted nearly 15% after British billionaire Richard Branson ruled out further investment in the space travel company.
In other news, United Rentals’ shares dipped 1.5% after being downgraded by KeyBanc to sector weight from overweight. Conversely, online car retailer Carvana saw a 15% jump after being upgraded by JPMorgan to neutral from underweight.
Alaska Air Group witnessed a 16% drop after agreeing to purchase Hawaiian Airlines for $1.9 billion, while General Motors’ stock surged 2.5% following an upgrade by Mizuho Securities. Finally, cybersecurity firm Palo Alto Networks’ shares fell 3.5% after a recent hot streak, but are still up 17% in the past month.
This is CNBC’s latest market report, featuring contributions from several reporting sources.
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