A daily stock analysis based on stock market today
  • Daily Roll
  • YouTube
  • Podcast
  • Investor Hubs
    • Starter Investors Hub
    • Dividend Seekers Hub
    • The Risk Hub
    • COVID-19 Investing Hub
  • Sign Up
  • Boot Camp

AMC: Why did shares rally today?

6/1/2021

 

​Key Points

  • The market started June with mixed results partially due to concerns around President Biden's higher taxes.
  • AMC Entertainment (AMC) investors who may have been behind the recent stock price rally have already sold their shares.
  • The global accessibility of the COVID-19 vaccine is expected to drag Abbott Laboratories' (ABT) profit in 2021.

​Overall Market

​The Market Started June with Mixed Results Partially Due to Concerns Around President Biden's Higher Taxes
Picture

​The stock market indices wrapped May with mixed results and started June mainly in the red.

While June’s first trading day started in the green, all three indices retreated to near the zero lines by the end of the day. The market's pessimism is partially due to President Biden’s $6 trillion budget discussion with a plan to increase corporations' and individuals' income tax rates.

Best Buy Now

​A New Stock Pick For the 2021 Starter Portfolio
Before we start, let me tell you about the 2021 Starter portfolio on Stock Card's Stock Pick page. Look for the Starter portfolios in the search bar. 

We create these Starter portfolios to give Stock Card users, who are just beginning to invest, a monthly stock pick idea. We have done this since 2018, and you can see the Starter portfolio has been doing quite well, beating the S&P 500, even though they may go through some short-term fluctuations.

Our philosophy for Starter portfolios is to pick a well-managed company in growing markets that can set the foundation for a long-term portfolio for new investors. Check out the latest stock pick for the 2021 Starter portfolio by visiting the Stock Pick page!

​What's Up?

AMC Entertainment (AMC) Investors Who May Have Been Behind the Recent Stock Price Rally Have Already Sold Their Shares
I've noticed shares of AMC Entertainment (AMC) continued its recent rally, up by more than 21%. The company announced that it had sold $230 million of shares to Mudrick Capital Management. This investment firm specializes in so-called distressed companies, and AMC has undoubtedly been a distressed company since the start of the pandemic. 

The story isn't over, however. It seems Mudrick Capital has already sold all its shares to take advantage of the stock price's recent rally. 

So, on the one hand, the distressed AMC got some cash to take care of its business, and the investment company made a quick buck thanks to the meme stock phenomena. 
​
It makes you wonder whether the recent stock price rally was at least partially due to the $230 million initial investment, which is now sold to individual investors from the Reddit sub forum who jumped on the wagon after they saw the stock rallied. 

What's DOwn

The Global Accessibility of The COVID-19 Vaccine Is Expected to Drag Abbott Laboratories' (ABT) Profit in 2021
Shares of Abbott Laboratories (ABT) were down more than 10%. The company revised its full-year profit forecast due to a lower expected COVID-19 diagnosis and testing kit.
​

With the rapid accessibility of COVID-19 vaccination and decreasing cases globally, the demand for the testing kits has dropped rapidly. Abbott is using that as an excuse to revise its revenue forecast downward. 

Want to receive this daily stock market recap report in your mailbox?

Sign up for a free account on Stock Card's website to get the daily market recap reports in your inbox:
Give Stock Card A Try

Comments are closed.

    RSS Feed


    Archives

    December 2022
    September 2022
    July 2022
    February 2022
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    February 2021
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    January 2020
    October 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017

    Categories

    All
    Battle
    Education
    ETF Investing
    How To Invest
    New Podcast Episode
    New Portfolio
    Portfolio Update
    Starter 2020
    Stock Card VIP Pick
    Stock Lists
    The Daily Hype
    Update
    Watchlist Worthy
    Winners And Losers

© 2023 StockCard.io. All Rights Reserved.
​​
Disclaimer: StockCard.io is not, neither operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on StockCard.io and Stock Card Weekly represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The Stock Card team may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall StockCard.io be liable to any subscriber, visitor, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on StockCard.io, or relating to the use of, or inability to use, StockCard.io or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way.
  • Daily Roll
  • YouTube
  • Podcast
  • Investor Hubs
    • Starter Investors Hub
    • Dividend Seekers Hub
    • The Risk Hub
    • COVID-19 Investing Hub
  • Sign Up
  • Boot Camp