Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures rose higher on Tuesday amid signs fearful inflation expectations are dropping. Traders are also overcoming their initial bearish reaction to the oil cartel’s plan and are now betting higher crude prices won’t lead to the Federal Reserve speeding up the pace of interest-rate hikes.
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Here’s a look at the top-moving stocks this morning.
AMC Entertainment (NYSE: AMC)
AMC Entertainment is down 26.61% premarket after the theater company reached a settlement that will allow it to go ahead with converting its AMC Preferred Equity, or APE, units into common shares. AMC also will be allowed to carry out a 1-to-10 reverse stock split and have the right to sell more shares. Lifting the status quo order still needs court approval.
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AMC Entertainment Preferred (NYSE: APE)
On the flip side, AMC Entertainment Preferred is up 22.29% premarket after the settlement. In its SEC filing, AMC disclosed a binding settlement with plaintiffs in the shareholder lawsuit regarding the movie theater chain’s stock conversion plan. In theory, APE stock should be worth the same as AMC stock.
Virgin Orbit (Nasdaq: VORB)
Virgin Orbit is down 24.38% premarket after Richard Branson’s satellite company filed for chapter 11 bankruptcy. Last week it laid off 85% of its workforce, amounting to nearly 700 employees due to cash constraints.
Butterfly Network (NYSE: BFLY)
Butterfly Network is up 25.13% premarket after the digital health company announced that it received 510(k) clearance for a groundbreaking AI-enabled Auto B-line Counter that may simplify the evaluation of adults with suspected diminished lung function and can potentially speed up their ability to make informed treatment decisions. The company also said its long-term goal is to give healthcare practitioners a realtime full color, annotated window into the human body.
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Those are the biggest stock movers for today.
Happy trading!
The Wake-Up Watchlist Research Team
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