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- 🍿 Not The Pop You Want
🍿 Not The Pop You Want
AMC's stock got chewed up and spit out like an unpopped kernel. Plus, why one analyst raised his price target on $HOOD.
Brooks Dyroff
March 28, 2024
Happy Thursday, Zingers! Baseball fans, rejoice! It’s opening day. Most teams will be in action today kicking off the 2024 season. Not sure if there’s a good market play for baseball, but I for one am bullish on beers and hot dogs. Maybe a little too bullish. I often find myself overexposed by the 6th inning. Probably need to do a better job of diversifying with a water or two throughout the game. Anyway, here’s a song to celebrate. If you know it, sing along.
🎶 So take me out to the stock game
Take me out where the bulls reign
Buy me some growth stocks big and small
I don’t care if I’m hit with a margin call
Let me root, root, root for a big gain
So I can go to the club and make it rain 🎶
Today’s Price Action:
$SPY: -.02%
$QQQ: -.18%
$DIA: +.05%
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TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
Briefly: AMC shares traded lower Thursday after the company announced an at-the-market offering program.
What Happened: In a new regulatory filing, AMC said it entered into an equity distribution agreement to sell up to $250 million of its common stock in an at-the-market offering.
What Else: AMC intends to use the net proceeds to bolster liquidity; repay, refinance, redeem or repurchase its existing indebtedness; and for general corporate purposes.
Quoted: “Among other reasons, the offering is being conducted to enhance the Company's liquidity in light of the low first quarter box office, resulting in part [from the writers and actors strikes] that occurred during 2023,” the company said in the filing.
That Said: AMC is not obligated to sell any stock under the equity distribution agreement and may at any time suspend offers under the agreement.
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FIVE MOVERS
Blackberry shares moved lower in today’s session following bearish analyst coverage from RBC Capital Markets.
Spotify stock struck a chord with investors today, edging higher after announcing a new deal with Universal Music Group.
Walgreens shares edged higher in today’s session after the drugstore giant reported earnings this morning, beating sales and EPS estimates.
GameStop shares continued to move lower today after the company’s weak earnings report Tuesday night.
Biodexa, a nano-cap biotech company, rallied nearly 70% today after the company announced positive data regarding its brain cancer treatment.
ONE TRADE IDEA FOR TOMORROW
Briefly: Keybanc analyst Josh Beck maintained Robinhood with an Overweight and raised the price target from $15 to $22.
So Basically: Beck refreshed his $HOOD model as the retail trading app approaches the end of the quarter.
So Then: Beck’s fiscal 2025 top-line and adjusted EBITDA estimates moved higher as he contemplated additional investment dollars directed toward new/emerging products.
So What? The price target reflected these higher estimates, building on an improving margin profile and compelling growth opportunities.
Back Up: Robinhood Markets stock gained 134% in the last 12 months.
What Next: Investors can gain exposure to the stock via ARK Next Generation Internet ETF and ARK Fintech Innovation ETF.
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