Wake Up Wall Street (SPX) (QQQ): AMC pumps then dumps, while everything else just watches the movie
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UNLOCK OFFERHere is what you need to know on Thursday, June 3:
AMC grabs the headlines again on Thursday as the stock swings wildly in the premarket session. AMC shares had ripped up to $77 in Thursday's premarket before AMC decided to take advantage of the favourable conditions and filed to sell 11.55 million shares. AMC dropped to its current $57 price relatively quickly following the announcement.
Friday's jobs report got a nice kicker from the ADP number on Thursday showing private companies hired nearly one million workers in May, the fastest job growth in nearly a year. Equity markets are looking past it and trending lower on Thursday as 10-year yields give a little pop above 1.6%. Oil remains poised for a break of $70, sitting just below at $68.90, while Gold is lower at $1,885. The dollar continues to appreciate versus the euro, now at 1.2160. Last but not least, Bitcoin is at $39,000. BTC may see renewed interest if it breaks above $40,000, and AMC and retail investors return to the crypto sphere.
European markets are lower, the Dax is -0.6%, FTSE -1%, and EuroStoxx -0.4%.
US futures are also lower S&P -0.7%, Dow -0.5%, and Nasdaq -1%.
Wall Street top news
US ADP employment change 978K versus 650K forecast.
AMC files to sell 11.55 million shares.
Engine Number 1 gains a third seat on the board of ExxonMobil (XOM).
Russia says the national wealth fund will sell its dollar assets.
Express (EXPR) posted EPS of -$0.55 ahead of the -$0.58 forecast.
FireEye (FEYE) announces the sale of its Fireeye products business to Symphony Technology Group for $1.2 billion.
Vertex (VERX) Goldman downgrades to sell.
Elastic (ESTC) shares stretch to +10% in the premarket after strong results on Wednesday and multiple price target increases on Thursday.
Cushman and Wakefield (CWK) announce the pricing of a public share offering from existing shareholders. 10m shares at $18.75.
Syneos Health (SYNH) announced an offering of over 10 million shares on Wednesday, down 5% in premarket.
PVH EPS of $1.92 versus $0.83 estimate.
JMSmucker (SJM) EPS of $1.89 versus $1.67 estimate.
Tilray (TLRY) Cantor Fitzgerald rated as overweight after the merger with Aphria. Shares gain 4% premarket.
Ups, downs and movers
Premarket movers
Source: Benzinga
Economic releases
Here is what you need to know on Thursday, June 3:
AMC grabs the headlines again on Thursday as the stock swings wildly in the premarket session. AMC shares had ripped up to $77 in Thursday's premarket before AMC decided to take advantage of the favourable conditions and filed to sell 11.55 million shares. AMC dropped to its current $57 price relatively quickly following the announcement.
Friday's jobs report got a nice kicker from the ADP number on Thursday showing private companies hired nearly one million workers in May, the fastest job growth in nearly a year. Equity markets are looking past it and trending lower on Thursday as 10-year yields give a little pop above 1.6%. Oil remains poised for a break of $70, sitting just below at $68.90, while Gold is lower at $1,885. The dollar continues to appreciate versus the euro, now at 1.2160. Last but not least, Bitcoin is at $39,000. BTC may see renewed interest if it breaks above $40,000, and AMC and retail investors return to the crypto sphere.
European markets are lower, the Dax is -0.6%, FTSE -1%, and EuroStoxx -0.4%.
US futures are also lower S&P -0.7%, Dow -0.5%, and Nasdaq -1%.
Wall Street top news
US ADP employment change 978K versus 650K forecast.
AMC files to sell 11.55 million shares.
Engine Number 1 gains a third seat on the board of ExxonMobil (XOM).
Russia says the national wealth fund will sell its dollar assets.
Express (EXPR) posted EPS of -$0.55 ahead of the -$0.58 forecast.
FireEye (FEYE) announces the sale of its Fireeye products business to Symphony Technology Group for $1.2 billion.
Vertex (VERX) Goldman downgrades to sell.
Elastic (ESTC) shares stretch to +10% in the premarket after strong results on Wednesday and multiple price target increases on Thursday.
Cushman and Wakefield (CWK) announce the pricing of a public share offering from existing shareholders. 10m shares at $18.75.
Syneos Health (SYNH) announced an offering of over 10 million shares on Wednesday, down 5% in premarket.
PVH EPS of $1.92 versus $0.83 estimate.
JMSmucker (SJM) EPS of $1.89 versus $1.67 estimate.
Tilray (TLRY) Cantor Fitzgerald rated as overweight after the merger with Aphria. Shares gain 4% premarket.
Ups, downs and movers
Premarket movers
Source: Benzinga
Economic releases
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