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Reddit Army shoots meme-stocks into stratosphere | TICKER VIEWS

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The Reddit retail-trading army is back bigger than ever, as is the meme-stock frenzy. Last time it was GameStop and now there’s a new player.

Shares in AMC Entertainment Holdings boomed to all-time highs across a wild trading session,

At one point the money-losing movie-theatre stocks rose 127 per cent. Its total gains this year topped three thousand per cent.

A few months ago AMC was on the brink of bankruptcy as the pandemic shut cinemas across America. The company isn’t making money but fundamentals apparently don’t matter to the retail investors, they’re after hedge fund short-selling pain.

Similar to GameStop, AMC is an unremarkable business but that didn’t prevent its stock price rising 95 per cent and closing at a record high of just over $62 USD.

Michele Scheider from Market Gauge says the trend will continue until one thing changes.

“I think it’ll rotate into the next thing, until we do see where the ability of hedge funds to manipulate these companies gets more regulated, and there isn’t so much fodder for the Reddit army to go after.”

It’s another example where Wall Street traders would be shaking their heads.

Michelle Schneider from MarketGuage says “it’s crazy” and “we know this can cripple companies”

AMC announced that it will reward the small-time supporters with goodies including special screenings and free popcorn.

FREE POPCORN WILL BE REWARDED TO AMC’S SMALL SUPPORTERS.

The other news of the week surrounded Elon Musk’s favourite: Doge Coin.

The joke cryptocurrency rose over 20% after the major exchange operator Coinbase allowed Doge to be traded on their platform.

It left Musk pretty chuffed and Schneider says the ‘joke’ isn’t that funny.

“There isn’t really a joke here. We still have a tremendous amount of adoption from different institutional companies that are using Bitcoin and other ‘joke’ coins as a currency.”

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Money

AI pushes the Nasdaq to a record-breaking close

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The Nasdaq achieved a record-breaking close, surpassing its previous record high of 16,057.44, which was established on November 21, 2021.

Artificial assistance

Artificial intelligence-related technology stocks, such as Nvidia (NVDA.O) and Microsoft (MSFT.O), have greatly boosted the index.

The Nasdaq Composite has increased by almost 7.2% this year.

The tech-focused index surged 43% in 2023, and as chipmakers gained traction and confidence increased that the Fed might achieve a soft landing—that is, curb inflation without inciting a recession—stocks surged strongly by year-end.

In contrast, Nvidia increased by 1.9% on Thursday, bringing its total gain from a year ago to around 250%.

Market boom

Every S&P 500 subs sector saw a gain at the end of the month.

Analysts at Deutsche Bank report that the index has now increased for 16 of the past 18 weeks, matching the record most winning weeks last attained in 1971.

Bitcoin also moved closer to its all-time high.

The price of the virtual currency momentarily surpassed $64,000 as spot bitcoin ETFs helped drive it to heights last seen in 2021.

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Disney sign off on mega merger with India’s largest conglomerate

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India’s top conglomerate Reliance Industries and Walt Disney announced the merger of their India TV and streaming media assets, forming an $8.5 billion entertainment juggernaut.

Disney, Reliance sign non-binding agreement for India’s largest media conglomerate

Reliance, led by Asia’s richest man, Mukesh Ambani, will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake, with Disney owning the rest, the companies said in a joint statement.

Mukesh Ambani, Reliance’s multimillionaire CEO

Media rivals

With two streaming platforms and 120 TV channels, the combined company will be a formidable opponent for competitors like Netflix and Sony of Japan in the $28 billion media and entertainment market, which is expected to grow to $100 billion by the end of the decade.

Disney’s lengthy battle to stop users from leaving its collapsing Indian streaming service and the financial burden resulting from billion-dollar payments for Indian cricket rights before the deal, providing yet another illustration of how difficult it can be for Western companies to expand in India.

Ultimate alliance

“The combined entity will create a sports behemoth in India,” stated Jinesh Joshi, an analyst at Prabhudas Lilladher in India.

“This merger will give Reliance great bargaining power when it comes to negotiating advertisement contracts … For Disney, coming together with a bigger player, in terms of (financial) pockets, will give it a cash cushion,” he continued.

According to the corporations, the combined company will serve the approximately 750 million viewers in India as well as the Indian diaspora worldwide.

According to Disney CEO Bog Iger’s statement, “Reliance has a deep understanding of the Indian market and consumer,” and the acquisition will enable “us to better serve consumers with a broad portfolio of digital services, entertainment, and sports.”

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Money

Warner Bros Discovery plans to shutdown popular NZ news network

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One of New Zealand’s two free-to-air television networks claimed it will be shutting down all newsroom operations, television news broadcasts and website from June 30, with the loss of up to 200 media jobs.

The once-thriving network, which had been a staple in the New Zealand entertainment industry, is now facing financial turmoil, sending shockwaves through the media landscape.

Warner Bros Discovery, who own the NZ news network, stated the decision comes following further attempts to reduce costs and that meant major changes including the planned shut down of the newsroom.

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