Here is what you need to know on Friday, June 4:
The US employment report gave the markets just about what they wanted, job growth but not too much to worry about overheating or inflation. Futures love it and immediately tick over 4,200 for the front-month S&P. The dollar obviously prefers higher yields and gives up fifty ticks against the euro straightway. At least we have something to talk about other than AMC. Speaking of, AMC is back in the headlines yet again on Friday as it is going to file for another share issue, see more. This time the company is looking to issue 25 million new shares. Bitcoin and Elon Musk are rumoured to be separating as he tweets a cryptic broken heart emoji with the bitcoin hashtag. Bitcoin slumps 7% to $36,000 on the back of that one tweet, analyze that Wall Street.
European markets are mostly flat with the FTSE, EuroStoxx and Dax all trading just around +/-0.1%.
US futures are hihgher after teh jobs report, Nasdaq +0.1%, S&P +0.25% and Dow +0.2%.
US unemployment rate drops to 5.8% and Nonfarm Payrolls up 559k versus 674k forecast.
AMC will file for a share issue of 25 million new shares in 2022.
DocuSign (DOCU) beats EPS $0.44 versus $0.28 estimate.
Asana (ASAN) reports strong EPS and upgrades outlook.
Workhorse (WKHS) downgraded by Cowen &Co.
Dicks Sporting Goods (DKS) upgraded by Stephens & Co.
Lululemon (LULU) EPS of $1.16 versus $0.91 estimate.
Bed Bath and Beyond (BBBY): Bank of America changes rating to no rating, meaning it thinks way overvalued.
AMC Wedbush increases price target to $7.50, says could go as high as $10 if all goes well.
Targa Resources (TRGP) to join S&P midcap index, shares pop 7%.
Bill Ackman’s SPAC Pershing Square Tontine Holdings (PSTH) in talks to buy 10% of Universal Music Group.
United Airlines (UAL) to buy 15 supersonic planes from BOOM Supersonic, plans to develop them by 2029.
Five Below (FIVE) sales up 162% YoY.
Source: Benzinga
The author is long puts in AMC.
