U.S. Movers: Alaska Air, Coinbase, Hawaii Airlines, MicroStrategy, Spotify
- Scott Peters
- U.S.A. New York City
-
Alaska Air agreed to acquire Hawaii Airlines, but the merger proposal is likely to face an uphill battle with regulators. Spotify said it plans to lay off 17% of its staff. Cryptocurrency-linked stocks soared after bitcoin jumped above the $40,000 mark.
Spotify Technology jumped 6.4% to $192.30 after the music streaming company announced its plan to lay off 1,500 employees, or 17% of its staff.
The company said it hired too many people in 2020 and 2021, and it needs to control its costs and adjust to new market realities.
Alaska Air Group declined 13.5% to $34.27 after the regional airline agreed to rival Hawaiian Airlines in a deal worth $1.9 billion.
Alaska Air agreed to pay $18 a share to the airline and assume $900 million of the company's debt.
Hawaii Airlines parent Hawaiian Holdings surged 181% to $13.65 in early trading, and cautious investors worried about the steep regulatory hurdles faced by the merger.
Coinbase Global jumped 9.2% to $146.10, and MicroStrategy advanced 8.2% to $571.0 after bitcoin surpassed the $40,000 level.
The surge in bitcoin also lifted the stock prices of other cryptocurrency-linked companies.
Marathon Digital Holdings soared 13% to $15.53, and Rio Platforms advanced 11.1% to $15.30.
Annual Returns
| Company | Ticker | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Spotify Technology S.A. | SPOT | 1% | 140% | 136% |
| Hawaiian Holdings Inc | HA | 0% | -10% | 9% |
| Alaska Air Group Inc | ALK | -5% | 73% | -15% |
| Coinbase Global Inc. | COIN | 1% | 47% | 308% |