A massive rally in stocks even during Wednesday’s trading session showed signs of slowing down. Here is what we observe before the start of trading on Thursday.
AMC Entertainment AMC -9.34%
canceled earlier gains to fall 4.3% after announcing plans to sell 11.5 million shares and warned investors that current market prices are unrelated to company fundamentals. “Under these circumstances, we do not recommend that you invest in our Class A common stock unless you are prepared to take the risk of losing all or a substantial part of your investment,” the company wrote in a statement. deposit.
BlackBerry BB 17.25%
was set to expand its push, gaining 26% pre-market. But Express EXPR -16.44%
stocks did an about-face, falling 16% before market.
- Pot stocks won, with Sundial Growers SNDL 21.24%
up 17% before marketing and Tilray TLRY 9.16%
- Cryptocurrencies advanced, with bitcoin gaining more than 3% to $ 39,083.57 and ether up 3.9% to $ 2,830.51.
- Futures related to the S&P 500 fell 0.6%, indicating a decline in the broad gauge of the market after the opening bell. Read our full market overview here.
- The number of Americans claiming unemployment benefits for the first time fell to 385,000 last week from 405,000 the week before, a new pandemic low. The ADP Jobs Report showed that the United States created 978,000 private sector jobs in May.
What is coming
Market movers to watch out for
Smartsheet SMAR 2.10%
shares gained 5.8% pre-market after the cloud computing company reported a quarterly loss, but earnings above expectations.
Semtech SMTC 4.33%
Profit from has more than doubled in the most recent period, as sales increased 28% year-over-year, driven by record sales from its wireless and sensing product group. Its shares rose 3.7% in pre-market trading.
Conn’s CONN 16.16%
shares rose more than 4% after the retailer of furniture, mattresses, appliances, consumer electronics and home office products posted its highest quarterly profit in its 131-year history, as it was making gains in its retail and credit segments.
- Splunk SPLK Software Company -7.91%
saw a 16% increase in revenue in the last period, but its net loss widened due to higher operating expenses, in part thanks to its move to the cloud. Shares fell 4.3% before market.
- In a rally reminiscent of the Reddit-fueled craze in late January, AMC shares nearly doubled to $ 62.55 on Wednesday, setting their first record since 2015. AMC shares surged so fast that trading was temporarily stopped four times.
- Dogecoin jumped 21% Wednesday after Coinbase Global said it would allow users to trade the cryptocurrency on a platform aimed at more experienced investors.
- On this day in 1775 the national debt of the United States arose, when the Continental Congress authorized a loan of £ 6million to buy gunpowder, showing that they were ready to borrow money. more than a year before declaring their independence.
Card of the day
- Dogecoin and NFT have captured the imagination of the public, but money is also pouring into another hot and risky corner of the cryptocurrency market: DeFi.
Must read since you went to bed
Write to [email protected]
Copyright © 2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8