S&P 500 Gains and Losses Today: Alaska Air Drops After Hawaiian Airline Purchase

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published December 04, 2023
A chart shows the companies in the S&P 500 that had the biggest gains and losses on Dec. 4, 2023.

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Key Takeaways

  • The S&P 500 slid 0.5% on Monday, Dec. 4, 2023, starting the first full week of December in the red amid questions about whether the November rally can continue.
  • Alaska Air Group announced that it was buying rival Hawaiian Airlines, and the carrier's shares tumbled.
  • 3M shares jumped after it received an upgrade from Barclays, which pointed to the firm's settlement of legal claims and expected demand for electronics.

The recent rally for U.S. equities took a breather, with the S&P 500 losing 0.5%, amid questions about whether the markets will be able to sustain the runup through December.

Alaska Air Group (ALK) shares sank 14.2% after the carrier said it was buying rival airline Hawaiian Holdings (HA) for $1.9 billion. Hawaiian Holdings shares skyrocketed 193%.

Intel (INTC) shares slipped 3.2% when a federal appeals court decided that damages the chipmaker owes in a patent dispute with VLSI Technology should be decided by a district court in Texas.

ANSYS (ANSS) shares fell 2.7% as the software company announced that CFO Nicole Anasens will leave the firm next year.

Norwegian Cruise Line Holdings (NCLH) shares jumped 6.6%, and shares of other cruise lines gained as well, following a report that bookings so far for 2024 point to a boom year for the industry.

3M (MMM) shares added 3.6% when Barclays upgraded the stock, saying that the multinational conglomerate should benefit from the settlement of several big lawsuits and increasing demand for electronics.

General Motors (GM) shares were up 2.2% after Mizuho upgraded the stock and raised its price target. The analysts explained that the carmaker has several catalysts to boost shares now that the six-week strike by the United Auto Workers (UAW) union is over.

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