Market Updates
U.S. Movers: Alaska Air, Coinbase, Hawaii Airlines, MicroStrategy, Spotify
Scott Peters
04 Dec, 2023
New York City
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.
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