Will The Secondary Save AMC??

Tale of the Tape

Happy Thursday, folks! Just one more day ‘til Friday (it’s the short weeks that last forever). 😪

Every major index closed in negative territory. 💔 The Nasdaq Composite nestled down 1%, followed by the small-caps. 

Consumer staples closed at a new all-time high while utilities lept 0.6%. Tech tumbled 1%, and consumer discretionary dipped 1.2%. 

Crypto crept higher. Bitcoin nearly broke 40K for the first time since May 27th. Ethereum approached 2,900. Where will crypto crack next?? Place your bets…  

Ford flew 7.25%— the stock is up nearly 40% since May 1. No joke. 😅 Here’s the monstrous monthly chart:

Despite the daring dash higher, $F is still down 56% from its 1999 all-time high. 

Tesla tumbled 5.33% to close at its lowest price since May 19th. 🤷

Nvidia marched to another all-time high. The semiconductor stock is up 13% since it first announced its 4-1 stock split on May 21st. 

The Memestocks continued their crazy action. Gamestop stumbled 8.5% and AMC tumbled 18%. AMC announced a secondary offering early this morning. Read more on this below. 

Here are the closing prints:

S&P 5004,192-0.36%
Russell 20002,279-0.81%
Dow Jones34,577-0.07%

Earnings Round-Up

Lululemon reported Q1 earnings today after the bell. The legendary leggings maker exceeded earnings and revenue expectations, with revenue up 88% YoY. 👏

Here are the numbers

EPS: $1.16 vs $0.91 est
Revenue: $1.23B, +88% YoY

Lulu CEO Meghan Frank said:

We are very pleased with our Q1 results, which reflect significant growth in the business compared to both 2020 and 2019. Our momentum remains strong as we enter the second quarter, and we are raising our estimates for the year accordingly. The strength of our financial position allows us to continue to deliver against the Power of Three growth strategies, while we leverage both near- and long-term opportunities.

$LULU increased 1% after hours.

CrowdStrike crushed its Q1 earnings report in the midst of ransomware attacks. The cybersecurity firm raised 2022 sales guidance. 

Here are the stats:

EPS: $0.10 vs $0.06 est
Revenue: $302.8M, +70% YoY

$CRWD climbed 1.2% after hours. 🧗

Time To Raise Cash

A secondary offering is no big deal for $AMC. 😤 The company announced a sale of 11.5M shares of its stock on Thursday, capitalizing on yesterday’s insane +72% streak.

Here’s the 15-minute intraday chart. It kinda looks like a rollercoaster.🎢

The stock stumbled after the announcement, falling as much as 30% during the trading day— but the retail crowd showed out and recovered about a third of the losses. $AMC closed down 20.4%.

$AMC has been the most vocal board on StockTwits this week. It collected more conversation volume than the next five boards combined. 👏

AMD Strikes at Intel. Again.

At COMPUTEX 2021, Dr. Lisa Su (AMD’s CEO) announced some new developments that will have Intel sweating. 🤭

AMD disclosed its launch of new high-end desktop APUs with onboard graphics. That’s not all— the company also plans to build upon its high-end “mobile” processors space for laptops. Intel dominates both of these spaces, so this is definitely a bad news sandwich for $INTC. 🥪 🤦

AMD’s even making strikes in sustainability, which might be the reason Tesla has decided to buy AMD products for its new cars. After the conference, Magic Leap said it would join Team AMD for its next AR headset.

While it appears the decade-long struggle between AMD and Intel has landed in AMD’s favor, semi investors know it’s only a matter of time before Intel counters with its own move. 🥊

Vacation at the Speed of Sound

Imagine arriving at your vacay destination faster than the speed of sound… 

That’s exactly what United Airlines plans to do. The airline just announced its goal to purchase 15 supersonic planes from Boom Technology Inc. 

Even though supersonic travel was ruled out two decades ago, United aims to have its high-speed flights ready by 2030. Meanwhile, Boom Inc. hopes to have a prototype ready for flight by 2022. 

Despite Anglo-French Concorde’s failure to produce supersonic business jets in 2003, United’s head of investor relations said “[Supersonic jets] make Western Europe possible for day trips. Demand is not the issue here.” Just take a look at these planes: 

Flying overseas faster than the speed of sound?! Sign us up.

Crypto Cleans Up Nice ♻️

After Tesla blamed “environmental concerns” for halting Bitcoin as an accepted form of payment, several crypto companies have decided to “go green.”

Today, crypto market maker GSR said it aims to become entirely carbon neutral. The company powers half of its Bitcoin mining operations with hydroelectric power, but it’ll use carbon credits to offset the remainder.

Crypto platform/exchange Crypto.com also shared its latest “Climate Commitment” to go “carbon negative” in 18 months. 

Investors and companies are nonetheless throwing money in. Carbon markets are up 31% this year, which has a lot to do with investor interest around sustainability. 💚

Links That Don’t Suck

⚡ See How Countries Are Powering Their Grid in Real Time

🍺 Budweiser to Give Away Free Beer if US Is 70% Vaccinated by July 4 

🏠 The Real Costs of Building a New Home in the US, Broken Down

🎵 J. Cole Puts in Work on Punchin’ The Clock, His Latest Music Video

🤖 Self-Driving Electric ‘Roboats’ to Begin Trials on Amsterdam Canals

🚕 Two Leading Air Travel Companies Team Up to (Finally!) Deliver Urban Air Taxis

😂 An Italian Artist Auctioned Off an ‘Invisible Sculpture’ for $18,300. It’s Made Literally of Nothing