17.8 C
Munich
Tuesday, June 15, 2021

Dogecoin, AMC, ‘Baby Shark’, Zoom: What to Watch When the Stock Market Opens Today

Must read

Federal Judge Stops Biden Administration From Blocking New Oil and Gas Leases

A federal judge in Louisiana issued a preliminary injunction blocking the Biden administration from pausing...

Lina Khan, Critic of Large Tech Firms, to Lead Federal Trade Commission

WASHINGTON—The Senate confirmed Lina Khan for a seat on the Federal Trade Commission, and the White House plans to tap her to lead the...

Platinum Equity Strikes Deal to Buy McGraw Hill From Apollo

Private-equity firm Platinum Equity has struck a deal to buy McGraw...

Stocks from the Reddit-forum frenzy are back on the move, with

AMC Entertainment,

AMC 22.66%

Blackberry and Koss all up premarket. Here’s what we’re watching before Wednesday’s trading gets underway.

  • Joke cryptocurrency Dogecoin has jumped 16% from its 5 p.m. ET price after

    Coinbase

    COIN 1.01%

    said it would allow users to trade it on a platform that is geared toward more experienced investors.

  • The meme stocks are back.

    AMC Entertainment

    AMC 22.66%

    has already been on a tear recently, and is up another 23% premarket. Other shares popular among retail investors were also climbing, with

    BlackBerry

    BB 14.80%

    up 15%,

    Koss

    KOSS 4.68%

    up 7%—and perhaps the flagship stock for the Reddit crowd,

    GameStop,

    GME 12.17%

    up a relatively meager 0.2%.

  • Shares of

    Samsung Publishing,

    068290 6.29%

    which owns a stake in the producer of “Baby Shark,” climbed 6% in South Korean trading Wednesday after Elon Musk tweeted the viral children’s song with a note saying “Baby Shark crushes all! More views than humans.”

  • U.S. stock futures meandered around the flat line, suggesting muted moves for major indexes at the opening bell as investors awaited fresh insights on the economic rebound and rising inflation. Read our full market wrap here.
What’s Coming Up
  • Earnings are due from

    Cloudera,

    CLDR 23.87%

    Splunk

    SPLK -0.76%

    and

    American Superconductor

    AMSC 0.60%

    after the close.

  • The Fed releases its beige book report on U.S. economic conditions at 2 p.m.
Market Movers to Watch
  • Constellation Pharmaceuticals

    CNST 2.17%

    soared 61% premarket. The biopharmaceutical company is being acquired by MorphoSys for $34 a share in cash. Constellation’s stock closed on Tuesday at $20.24.

  • Zoom Video

    ZM -1.15%

    shares jumped 2.5% ahead of the bell. The group-video chat provider’s customer count rose sharply and revenue almost tripled in the recent quarter, signaling the tech darling of the pandemic era is enjoying robust customer growth as offices open back up.

A sign for Zoom Video Communications ahead of the company’s Nasdaq IPO in New York.



Photo:

Mark Lennihan/Associated Press

  • Southwestern Energy

    SWN 11.22%

    slipped 2.8% premarket. The oil-and-gas producer is acquiring Indigo Natural Resources for approximately $2.7 billion.

  • StoneCo

    STNE -1.26%

    shares dropped 2.8% premarket. The financial technology company reported quarterly results after Thursday’s close and said it had increased its headcount and its investments in marketing.

  • Hewlett Packard Enterprise

    HPE 0.81%

    slipped 1.8% premarket, even after the company again raised annual financial projections following a stronger-than-expected performance in the latest period.

  • Ambarella

    AMBA 0.75%

    shares added 5.1% premarket. The maker of semiconductors that offer artificial-intelligence processing and other features reported better sales and a narrower loss for its latest quarter despite a range of supply chain disruptions.

  • Shares of online marketplace

    Etsy

    ETSY -0.77%

    inched up 0.9% premarket. It agreed to buy Depop, a privately held fashion marketplace, for $1.625 billion, consisting mainly of cash.

Market Facts
  • The Chinese yuan is at its strongest level since 2018, at around 6.37 to the U.S. dollar. The currency only needs to rise by a little over 5% to hit a new historical high. It has rallied by almost 12% in the last year already.
  • AMC Entertainment took advantage of a skyrocketing stock price last week to sell shares to a hedge fund for $230.5 million, it disclosed Tuesday, news that drove its stock higher still. Its share price jumped 23% on Tuesday and is up more than 1,400% for the year, including a furious 116% climb last week.
  • On this day in 1997, under orders from the U.S. Department of Justice and the Securities and Exchange Commission, Nasdaq reduced the minimum “tick size,” or trading increment, from 1/8 to 1/16 on all stocks with a bid price of $10 or more.
Chart of the Day
  • Atlanta-based investment firm Invesco is hoping to manage a piece of China’s $400 billion national pension fund, betting its record of investing ordinary Chinese citizens’ money could help it win the coveted job.
Must Reads Since You Went to Bed

Write to James Willhite at james.willhite@wsj.com

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Federal Judge Stops Biden Administration From Blocking New Oil and Gas Leases

A federal judge in Louisiana issued a preliminary injunction blocking the Biden administration from pausing...

Lina Khan, Critic of Large Tech Firms, to Lead Federal Trade Commission

WASHINGTON—The Senate confirmed Lina Khan for a seat on the Federal Trade Commission, and the White House plans to tap her to lead the...

Platinum Equity Strikes Deal to Buy McGraw Hill From Apollo

Private-equity firm Platinum Equity has struck a deal to buy McGraw...

Platinum Equity Strikes Deal to Buy McGraw Hill From Apollo

Private-equity firm Platinum Equity has struck a deal to buy McGraw...