Hey Gotraders,
Stocks of AMC (AMC) closed up⌠wait for it⌠35% higher yesterday! The stock actually climbed up to nearly 50% at one point during the dayâs trading. That is just insane!
The stock is up over 115% this week alone. *shakes head*
Whatâs going on? Well, AMC is a meme stock that has gone viral on Reddit. According to Bank of America (BOA), AMC has overtaken GameStop (GME) to become the most-loved stock in the infamous WallStreetBets forum. InterestingâŚ
Is this rally rational? Wall Street analysts canât seem to wrap their heads around the fact that AMCâs stock has jumped over 1,200% since January. AMC is in the movie theatres business. Their revenues have been affected by the ongoing coronavirus pandemic. The company has around $5 billion in debt and $450 million in deferred lease repayments. For the first quarter, AMC posted $148.3 million in revenue, down 84.2% from the same period a year ago.
Why is this important? AMCâs valuation has nearly tripled due to the meme stock frenzy driving its stock price up. AMC had an enterprise value of $5.8 billion on the last day of 2019. Its value stood at around $13.4 billion as of Wednesday!
đ JD.com has raised over $10 billion this year đ°
In less than a year, JD.com (JD) has raised over $10 billion through public offerings in Hong Kong and New York. The four JD affiliates that have gone public since June 2020 include :
JD Logistics - the companyâs delivery unit
JD Health - the companyâs telehealth platform
Dada Nexus - grocery delivery company in which JD.com is a major shareholder
JD.comâs secondary listing in Hong Kong
Stocks of JD.com is up 42.75% over the last 12 months and closed at $72.83.
đ Salesforce stock is up over 4% đ
Stocks of Salesforce (CRM) are up over 4% in extended trading after they crushed their earnings report. They beat both earnings and revenue expectations. They also gave guidance that surpassed analystsâ expectations. Basically, it was good news all around!
Salesforce is trading around $237 in extended trading at the time of writing.
Top movers & shakers đ˘
What else is making headline news đ°
How Google (GOOG) is trying to keep advertisers happy while also improving user privacy.
Nike (NKE) says it split with soccer superstar Neymar after he refused to cooperate with the sexual assault investigation.
Best Buy (BBY) says the hot housing market is boosting demand for TVs, home consultations.
Thatâs all from us for now.Â
Signing out,
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The legal stuff đ¤
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