Shares of movie theater chain AMC rise as the company files a revised stock conversion proposal, and Barbie and Oppenheimer deliver a big weekend at the box office. Here’s what investors need to know today.
1. AMC shares jump after filing revised stock conversion plan
AMC Entertainment Holding (AMC) shares rose more than 50% in premarket trading after the movie theater chain filed a revised stock conversion proposal this weekend after a judge on Friday blocked the company’s plan to convert its AMC Preferred Equity (MONKEY) shares to ordinary shares. AMC CEO Adam Aron said the conversion plan will allow the theater chain to raise additional funds by selling more equity.
2. Barbie has best opening weekend of 2023, Oppenheimer ticket sales strong
The Warner Bros. (WBD) movie Barbie had the best opening weekend of 2023, grossing $155 million over three days. Comcast’s (CMCSAUniversal Pictures also scored a box office hit with Oppenheimer, which grossed an estimated $80.5 million in its debut. Shares of Barbie manufacturer Mattel (MAT) rose 1.2% in premarket trading, while shares of Warner Bros rose 0.9% and shares of Comcast were little changed.
3. Chevron’s performance update shows better-than-expected quarterly profit
Chevron (CVX) issued a better-than-expected quarterly performance update this weekend, setting the stage for the oil giant’s earnings report on Friday. The performance update showed adjusted earnings of $3.08 per share, above analysts’ estimates of $2.97 but down from first-quarter earnings of $3.55 and down 47% from the second quarter of 2022, when oil prices rose due to Russia’s invasion of Ukraine. Chevron shares were up 0.3% in premarket trading.
4. Tesla shares fall after UBS downgrade
Tesla (TSLA) shares fell 1.2% to trade below $260 after analyst UBS downgraded the electric vehicle maker to “Neutral” from “Buy” while raising his price target to $270 from $220. The analyst’s note said that with Tesla’s stock price nearly doubling this year, most of the electric car maker is already anticipating price developments next year.
5. Manufacturing PMI expected to rise while Services PMI declines
Ahead of the Federal Reserve’s interest rate decision on Wednesday, investors will start the week with a look at the manufacturing and services sectors as the July flash Index of Purchasing Managers is released at 9:45 a.m. ET. The flash production PMI is expected to rise to 46.7 from June’s 46.3, while economists expect July flash services PMI falls to 54 from 54.4 in the previous month.