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AMC's "Glide Path to Recovery"

AMC's "Glide Path to Recovery"

Today is Wednesday, March 1, 2023.

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AMC's "Glide Path to Recovery"

Another quarter of poor financial earnings sent shares of AMC Entertainment (NYSE: AMC) down by 6.44% in after-hours trading on Tuesday.

Financials: AMC reported a loss of 14 cents per share in the past quarter and revenue of $990.9 million; both were better than expected.

Growth: CEO Adam Aron said that revenue per patron “was well above pre-pandemic levels” and the company “continued on a multi-year glide path to recovery.”

But: The company’s fourth-quarter revenue was lower than in the same period last year.

Stock Price: AMC’s stock is down 61% in the last 12 months but is up 25% in the last 30 days.

Final Thoughts: While it is great that AMC is looking for new revenue streams (such as selling its popcorn in retail stores) the fact that the company couldn’t capitalize off the release of several big pictures in the fourth quarter (namely the new Avatar film) is a big problem.

Notables

Notable Earnings Today: Dollar Tree (Nasdaq: DLTR), Nio (NYSE: NIO), Salesforce (NYSE: CRM), Wendy's (Nasdaq: WEN), Snowflake (NYSE: SNOW), Lowe's (NYSE: LOW), Plug Power (Nasdaq: PLUG), Splunk (Nasdaq: SPLK), Petroleo Brasileiro (NYSE: PBR), Okta (Nasdaq: OKTA), Kohl's (NYSE: KSS), Celsius Holdings (Nasdaq: CELH), Abercrombie & Fitch (NYSE: ANF), Veeva Systems (NYSE: VEEV), Jack In The Box (Nasdaq: JACK), Pure Storage (NYSE: PSTG), Clean Harbors (NYSE: CLH), Cano Health (NYSE: CANO), Clear Secure (NYSE: YOU), Ginkgo Bioworks (NYSE: DNA), Melco Resorts & Entertainment (Nasdaq: MLCO), ACI Worldwide (Nasdaq: ACIW), Box (NYSE: BOX), Dine Brands (NYSE: DIN), Donaldson (NYSE: DCI), Funko (Nasdaq: FNKO), Hilton Grand Vacations (NYSE: HGV), Horizon Therapeutics (Nasdaq: HZNP), Inovio Pharmaceuticals (Nasdaq: INO), Jazz Pharmaceuticals (Nasdaq: JAZZ), LL Flooring Holdings (NYSE: LL), Royal Bank of Canada (NYSE: RY), Starwood Property Trust (NYSE: STWD), Tupperware (NYSE: TUP).

Notable IPOs Today: NYIAX, Inc. Common Stock (Nasdaq: NYX), SYLA Technologies Co., Ltd. American Depositary Shares (Nasdaq: SYT), NYIAX, Inc. Common Stock (Nasdaq: NYX), Hub Cyber Security Ltd. Ordinary Shares (Nasdaq: HUBC), Lavoro Limited Class A Ordinary Shares (Nasdaq: LVRO), Invesco BulletShares 2032 Municipal Bond ETF (Nasdaq: BSMW).

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: Manufacturing PMI (9:45 a.m. ET), Cushing Crude Oil Inventories (10:00 a.m. ET), ISM Manufacturing Employment (10:00 a.m. ET), ISM Manufacturing PMI (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).

Novavax Raises Doubts That It Can Remain in Business

Photo by Mufid Majnun / Unsplash

The future of Novavax (Nasdaq: NVAX) might be undecided, as the pharmaceutical company reported financial results on Tuesday and saw its stock drop by 26.35% in after-hours trading.

Financials: Novavax reported a loss of $2.28 per share in the past quarter and revenue of $357 million; both were below estimates.

Powering the Story: The company wrote in its earnings release that “substantial doubt exists regarding our ability to continue.” This really scared investors.

Final Thoughts: Novavax had problems releasing its Covid-19 vaccine in 2021, and now the company is on life support.

Rivian’s Low Production Outlook

Rivian Automotive (Nasdaq: RIVN) only expects to produce 50,000 vehicles in 2023, which is lower than what analysts expected. The stock dropped 9.9% in after-hours trading on Tuesday.

Final Thoughts: The company’s loss per share and revenue in the past quarter were also both lower than anticipated. It’s a tough market for electric vehicle companies as demand slows.