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APE

AMC Preferred Equity Units shares are trading lower after a Delaware judge denied the company from converting its AMC preferred equity units into common stock.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 8:55 pm

AMC

A Delaware judge has denied AMC Entertainment's request to convert its preferred equity units into common stock. This has resulted in AMC's shares trading higher.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 8:54 pm

AMC

APE

Shares of AMC Entertainment Holdings Inc (AMC) nearly doubled during Friday's after-market session on news that a Delaware court blocked the company’s move to convert its APE preferred units into common stock. The conversion would have diluted the stake of retail investors. The ruling sends the case back to square one, creating a hurdle for AMC, which is eager to convert the APE units and issue additional shares as it grapples with interest rates complicating its loan financing.

Portfolio Pulse from AJ Fabino

July 21, 2023 | 8:54 pm

NXTP

NextPlay Technologies, Inc. (NASDAQ:NXTP) has received a notification from Nasdaq stating that the company remains noncompliant with Nasdaq Listing Rule 5250(c)(1) due to not having timely filed its Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2023, and its Annual Report on Form 10-K for the fiscal year ended February 28, 2023. The Nasdaq notifications have no immediate effect on the listing of the company's common stock on The Nasdaq Capital Market.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 8:47 pm

BTCUSD

DOGEUSD

ETHUSD

Investors are closely watching Bitcoin, Ethereum, and Dogecoin ahead of the Federal Reserve's interest rate decision on July 25 and 26. The cryptocurrencies' movements often provide clues about how the stock market may react when Wall Street resumes trading. Bitcoin and Ethereum were trading mostly flat, while Dogecoin was up almost 9% at one point during Friday's session. The Fed's decision could cause significant reactions in both traditional and digital markets.

Portfolio Pulse from Melanie Schaffer

July 21, 2023 | 8:42 pm

HRI

URI

Bank of America analyst Sherif El-Sabbahy has downgraded Herc Holdings Inc (HRI) from Buy to Underperform and lowered the price target from $150 to $140 due to the ongoing Hollywood writers’ and actors’ strike. The strike is expected to negatively impact Herc's earnings in the near term, despite the company's rental equipment industry expected to perform well. The analyst favors United Rentals, Inc (URI) as a better representation of the rental sector.

Portfolio Pulse from AJ Fabino

July 21, 2023 | 8:36 pm

SBUX

Starbucks Inc. (NASDAQ:SBUX) has seen its shares drop by 5.96% over the past three months. The company's total debt stands at $15.49 billion, with long-term debt at $13.54 billion and current debt at $1.94 billion. After adjusting for $3.07 billion in cash-equivalents, the net debt is $12.41 billion. The debt ratio, a measure of financial leverage, is 0.54, considering Starbucks's $28.61 billion in total assets.

Portfolio Pulse from Benzinga Insights

July 21, 2023 | 8:30 pm

VRCA

Trading of Verrica Pharmaceuticals (VRCA) shares is set to resume at 4:55 p.m. ET.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 8:30 pm

AXP

CAT

CVX

DIA

MRK

MSFT

The Dow Jones Industrial Average (DJIA) marked its tenth consecutive positive session, the longest winning streak since February 2017. The SPDR Dow Jones Industrial Average ETF (DIA) closed 0.09% lower, ending its winning streak. Top performers in the Dow Jones were Merck & Company (MRK), Procter & Gamble (PG), and Chevron Corp. (CVX). Laggards included Microsoft Corp. (MSFT), American Express Company (AXP), and Caterpillar Inc. (CAT). Traders are awaiting the Federal Open Market Committee Meeting, with a 0.25% rate hike already factored in.

Portfolio Pulse from Piero Cingari

July 21, 2023 | 8:29 pm

PMGM

Priveterra Acquisition Corp. (NASDAQ:PMGM) has completed its business combination with AEON Biopharma, Inc., a Phase 3 stage-ready biopharmaceutical company. The combined company will be named AEON Biopharma, Inc. and will commence trading on NYSE under the ticker symbols 'AEON' and 'AEON WS' on July 24, 2023. Priveterra's CEO, Robert Palmisano, will join AEON's board as a Director.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 8:28 pm