It’s the first trading week for the last month of 2023, but several companies’ stocks have started the month by making waves through the stock market. So whose stocks are up at the moment?
Bitcoin’s recent breach through the $40,000 mark for the first time in 2023 has refueled interest in cryptocurrency assets in recent days. Among the big pre-market gainers are Coinbase whose value went up by 7%; Marathon Digital, the biggest gainer of the day, up by 13%; and MicroStrategy which also posted a 7% gain.
Among the tech players, ride-hailing app developer Uber Technologies found its stock up by 4% following an announcement made by S&P Dow Jones Indices on December 1st that it is slated to enter the S&P 500, together with Builders FirstSource and industrial electronics manufacturer Jabil, both of which posted a gain of 2%. These three stocks are the replacements for the Alaska Air Group, SealedAir, and SolarEdge Technologies which are departing the S&P 500.
Meanwhile, despite the gloomy news that it is poised to lay off up to 1,500 of its employees due to slower growth, music streaming platform Spotify saw its value go up by 1% before the trading week began. It was also noted that, as of Friday, December 1, Spotify’s value for 2023 has gone up by 129%.
Meanwhile, General Motors is currently the lead gainer in the automotive sector, posting an increase of 1.3% just after settling with officials of the United Auto Workers labor group. The fact that Mizuho Securities recently upgraded the automotive giant is another factor that gave it a boost, particularly in light of Mizuho’s assessment that General Motors is now set for further growth.
Likewise, online automotive retailer Carvana’s shares went up by 5% following an upgrade by JPMorgan which raised it from underweight to neutral thanks to greater productivity and cost efficiency.