Alaska Air, Virgin Galactic fall premarket; Coinbase, Spotify and Uber rise
Investing.com — U.S. futures traded lower Monday, handing back some of the previous month's strong gains at the start of a new week.
Here are some of the biggest premarket U.S. stock movers today:
Alaska Air (NYSE:ALK) stock slumped 12% after the carrier agreed to acquire rival Hawaiian Holdings (NASDAQ:HA), up 180%, for $1.9 billion, in a move to expand along the West Coast.
Virgin Galactic (NYSE:SPCE) stock fell 13% after billionaire Richard Branson ruled out further investment in the space travel company, saying his business empire no longer has “the deepest pockets” in the wake of the Covid-19 pandemic.
Coinbase (NASDAQ:COIN) stock rose 9.2%, with the crypto exchange benefiting from the news that bitcoin, the most valuable cryptocurrency, soared past $40,000, climbing to a 19-month high.
Spotify (NYSE:SPOT) stock rose 4.1% after the CEO of the music streaming service, Daniel Ek, said the company is planning to lay off 17% of its workforce, in a dramatic move aimed at reducing its costs and adjusting for a slowdown in growth.
Uber (NYSE:UBER) stock rose 4.3%, with the ride-hailing service set to join the benchmark S&P 500 index, effective at the open of trading on Dec. 18.
Carvana (NYSE:CVNA) stock rose 5.4% after JPMorgan upgraded the used car retailer to ‘neutral’ from ‘underweight’, citing its long-term potential.
IBM (NYSE:IBM) stock rose 0.1% after the tech giant unveiled a new quantum computing chip and machine that it hopes will serve as the building blocks of much larger systems a decade from now.
General Motors (NYSE:GM) stock rose 1.2% after HSBC initiated coverage of the auto giant with a ‘buy’ rating, saying its profitability remains high even with a 22% decline in its shares over approximately five
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