Big media shares, which rose in pre-market trading Monday, opened lower at the bell and are still trending down midday after the Writers Guild reached a tentative deal with studios to end their prolonged strike. Renewed market jitters over inflation, interest rates and a potential government shutdown appeared to have offset relief that Hollywood is
Stocks
AMC Entertainment shares rallied as the company completed a previously disclosed equity offering, raising about $325.5 million of new capital. The company said it sold 40 million shares at an average price of approximately $8.14 per share. The move significantly boosts AMC’s cash reserves, addresses current liquidity concerns, and fortifies the balance sheet, AMC said.
AMC Entertainment is setting the table to sell up to 40 million shares, which it can now do with stockholder approval and after it dispensed with its APE units. But just because stockholders approved a sale doesn’t mean they’re happy with the move, which dilutes their holdings. AMC shares are down more than 20% in
The Dow Jones nosedived this afternoon as the Federal Reserve – which has raised interest rates ten times since last year – held them steady for June but indicated that more hikes are on the way. A pause in the aggressive increases meant to stem inflation was expected, but hawkish commentary in a statement out
AMC got its meme back Thursday, with the stock surging 27% at its high on heavy volume, way outpacing the broader market and other publicly traded theater chains. The jump was its biggest since May as the stock revisited its days as huge chatroom favorite. Volatility is a hallmark of meme stocks with others like
The mountains are as gorgeous as ever, the deal climate not so much as boutique investment bank Allen & Co. prepares to host its annual Sun Valley retreat. After guests arrive on Tuesday, official activities get under way Wednesday. The annual ritual of media-mogul whitewater rafting and shop talk is a 40-year, post-July 4 tradition.
Dismal monthly inflation data hit stocks Friday with tech, internet and media taking a beating and Goldman Sachs slapping rare ‘sell’ rating on Netflix and a few others. The bank downgraded the streamer from ‘neutral’ on economic and competitive jitters and cut its price target to $186 from $265 – the lowest on the Street.