Today is Wednesday, March 2, 2022.
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Spider-Man Saves AMC
Shares of AMC Entertainment (NYSE: AMC) fell 0.05% in after-hours trading on Tuesday after the movie theater chain posted what it calls its “strongest quarterly results in two full years.”
Financials: AMC posted a loss of 11 cents per share and revenue of $1.17 billion; both were better than expected.
Yes, a Way Home: Revenue and movie theatre attendance shot up in the quarter, thanks in large part to the movie Spider-Man: No Way Home, which was the third-highest grossing movie of all time.
Accomplishments: Chairman and CEO Adam Aron touted AMC’s new non-fungible token (NFT) programs, its acceptance of cryptocurrency, and its entry into the retail popcorn industry.
Final Thoughts: Despite Aron’s bullish outlook for 2022, there are still concerns. The company is still not profitable and the stock is down 58% in the past 6 months.
Notable Earnings Today: Dollar Tree (Nasdaq: DLTR), Paysafe (NYSE: PSFE), Snowflake (NYSE: SNOW), Abercrombie & Fitch ( NYSE: ANF), ChargePoint Holdings (NYSE: CHPT), C3.ai (NYSE: AI), Global Ship Lease (NYSE: GSL), Coupang (NYSE: CPNG), SIGNA Sports United (NYSE: SSU), Okta (Nasdaq: OKTA), Amneal Pharmaceuticals (NYSE: AMRX), Signify Health (NYSE: SGFY), Bright Health Group (NYSE: BHG), American Eagle Outfitters (NYSE: AEO), Veeva Systems (NYSE: VEEV), Dine Brands Global (NYSE: DIN), Victoria's Secret & Co. (NYSE: VSCO), OneSpaWorld Holdings (Nasdaq: OSW), Splunk (Nasdaq: SPLK), Bilibili (Nasdaq: BILI), Box Inc. (NYSE: BOX), Donaldson Co. (NYSE: DCI), Greif (NYSE: GEF), Nutanix (Nasdaq: NTNX), Patterson Cos. (Nasdaq: PDCO), Potbelly (Nasdaq: PBPB), Pure Storage (NYSE: PSTG), Rush Street Interactive (NYSE: RSI), Turtle Beach (Nasdaq: HEAR), Western Asset Mortgage Capital (NYSE: WMC).
Notable IPOs Today: Kensington Capital Acquisition Corp. IV (NYSE: KCAC), Rigetti Computing, Inc. Common Stock (Nasdaq: RGTI), Patria Latin American Opportunity Acquisition Corp. (Nasdaq: PLAOU), SHUAA Partners Acquisition Corp I Unit (Nasdaq: SHUAU), Sound Point Acquisition Corp I, Ltd Unit (Nasdaq: SPCMU).
Notable Equity Crowdfunding Campaigns Ending Today: Ounce Water (StartEngine), The HoneyBee Collective (MainVest), Northstar Technologies Group (NetCapital).
Notable Economic Events Today: ADP Nonfarm Employment (8:15 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), Beige Book (1:00 p.m. ET).
Salesforce Jumps Due to “Tremendous Demand”
Shares of Salesforce (NYSE: CRM) jumped 3.76% in after-hours trading on Tuesday after the technology company posted positive earnings results.
Financials: Salesforce reported earnings of 84 cents per share and revenue of $7.33 billion; both were better than expected.
Outlook: Investors were pleased that Salesforce set its revenue guidance for the full year to be between $7.37 billion to $7.38 billion, which was also better than expected. Chair and Co-CEO Marc Benioff cited “tremendous demand from customers” as the reason for the increased revenue guidance.
Numbers: Shares of Salesforce are down 20% in the past 6 months, so Tuesday’s earnings news is refreshing for bullish investors. However, the stock’s price-to-earnings ratio, which is used to determine value, is still too high for some investors.
Final Thoughts: Will soon-to-come higher interest rates impact Salesforce and other big tech companies?
2 Space Startups Raising Money Through Equity Crowdfunding
Looking to invest in the next big space company? Instead of looking at the stock market, here are two companies that are raising money from investors on equity crowdfunding platforms.
Flight: Tamarack Aerospace, an aerospace company developing aircraft technology, has already raised over $270,000 on StartEngine. The crowdfunding campaign ends on April 30.
Infinity and Beyond: Infinite Composites, a startup that focuses on fuel efficiency, has already raised over $300,000 on Spaced Ventures. The crowdfunding campaign ends on April 20.
Final Thoughts: Investing in equity crowdfunding can be rewarding, but there is always the risk of startups failing.
Trends to Watch
Apple-Solutely News: Apple suspends all product sales in Russia (CNN)
Rocky Mountain Crypto: Colorado to become first US state to accept cryptocurrency tax payments (The Guardian)
Trading at a Premium: Bitcoin Price Jumps as Demand in Ukraine and Russia Booms (The Wall Street Journal)
No Fear: European retail investors bet big on Ukraine war trades (Reuters)
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