🍗 AMC Stock: Why Did It Go Down? Is it Done?
Morning Tendies
April 05, 2023
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AMC Stock sells over 20% after potential capital raise opportunity opens up, Crude Oil prices cross $80, Richard Branson’s Virgin Orbit files bankruptcy, GM’s 5,000 salaried employees taking its buyout, and Much More…
Let’s Dive In!!!
📈 Markets
🍿 AMC sells-off after opportunity arises for potential capital raise. Today, a lawsuit settlement brought the company a step closer to its plan to convert APE to common stock and potentially raise more capital.
AMC Entertainment (AMC) issued AMC Preferred (APE) as a way to raise more capital without directly issuing more AMC common shares.
AMC also will be allowed to carry out a 1-to-10 reverse stock split and have the right to sell more shares.
AMC Stock Finishes Down -23.48%
APE Stock Finishes Up +13.51
🛢 Crude Oil Prices cross $80/Barrel. After OPEC’s recent barrel cuts, Crude Oil prices have continued rising and have topped $80. In the past 5 days, Crude Oil has gained 8.86%.
What Else Is Happening?
Virgin Orbit (VORB): Richard Branson’s rocket firm files for bankruptcy - BBC
Thomson Reuters (TRI) launches return of $2.2B to shareholders - YF
Sirius XM (SIRI) names company veteran Thomas Barry its next CFO - MW
Dem fundraising platform ActBlue lays off 17% of workforce - FB
Apollo (APO) sweetens bid for Britain’s Wood Group with $2.1B offer - RT
JPMorgan’s CEO, Dimon says U.S. banking turmoil not over, sees long repercussions - RT
GM says about 5,000 salaried employees taking its buyout - MW
Job openings tumble in February to lowest level in 2 years - FB
U.S. oil futures settle at their highest since January - MW
IRS to unveil $80B spending plan this week, Yellen says - FB
J&J (JNJ) unit files for second bankruptcy to pursue $8.9B talc settlement - RT
Trump pleads not guilty to 34 felony charges - TH
💰 Earnings Today
Before Market Open:
Conagra Brands (CAG)
Schnitzer Steel Industries (SCHN)
🏛 Economic Events Today (EST)
8:15 AM - ADP Employment
8:30 AM - U.S. Trade Balance
10:00 AM - ISM Services
🍗 Tendie Time
*A Roundup of Stuff We Find Interesting, Informative, or Just Plain Funny*
TikTok fined £12.7m for misusing children's data - BBC
Betting against First Republic, short sellers made $848 million in March - RT
Could ChatGPT pose a threat to Google’s dominance in search - Entrepreneur
Quote of the Day:
“If you really look closely, most overnight successes took a long time”
😂 Meme Refresher
That’s it for today!!
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research