The Buzzing Trends || New ‘Meme Stock’? AMC Entertainment’s Shares Surge

Hi, you are watching Kalkine TV live from Sydney. This is The Buzzing Trends show. Lets get started with today’s important news that could impact markets.

• The S&P/ASX200 is up today, gaining 79.80 points to 7174.70. Strong U.S. economic data solidified hopes of continuing economic recovery, while a rebound in iron ore is expected to boost blue-chip local miners. 

• According to the US Labor Department, the number of Americans filing new claims for unemployment benefits decreased to 406,000 for the week ended 22 May, the lowest since mid-March 2020. As layoffs subsided, the companies were looking for workers to meet the rising demand unleashed by the reopening of the economy.

• Keolis Downer has been awarded a AU$ 900 million contract to operate and maintain bus services in Northern Beaches and lower North Shore.

• BetMakers will pay AU$ 1 billion in cash and will issue its own shares worth AU$ 3 billion for the deal.

• An Australian based financial service company also doing business in New Zealand, Latitude Group updated the market with the guidance for the 6 months ending 30 June. NPAT is expected to be between AU$ 115 million to AU$ 120 million, whereas Volume is expected to be AU$ 3.7 billion.

• MMA Offshore Limited, a company which specialise in providing a comprehensive suite of marine and subsea services to the offshore energy and wider maritime industries,  has entered into a subleasing contract with a subsidiary of Wasco Energy Ltd (WASCO).

• The shares of American movie theater chain, AMC Entertainment Holdings Inc (NYSE:AMC), surged 47% on Thursday, as speculative trading by Reddit-obsessed day traders spiked. However, at the end of day’s trade, it closed at US$26.52 a piece – down 35.58%. With yesterday’s spike in prices, the week-to-date returns on shares have jumped to 120%.

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