Stock Market Today: Live Updates

Check out the companies making headlines before the bell.

• AMC Entertainment, GameStop — Shares of AMC and GameStop fell in early morning trading as the meme stock boom, reignited by the reappearance of “Roaring Kitty” on social media on Monday, lost momentum. AMC’s stock price says the movie theater chain will issue more than 23 million shares “in exchange for an aggregate principal amount of $163.85 million in cash 10%/12%/PIK Toggle Second Lien Subordinated Notes due 2026.” The stock fell more than 7% after the announcement. GameStop shares fell 6%.
• Nio — Shares rose 3.3% after JPMorgan upgraded the Chinese electric car maker to neutral from underweight. The company’s stock price, which has soared over the past month, is likely to benefit from the Chinese government’s economic stimulus package and Nio’s latest battery-as-a-service (BaaS) strategy, which could boost sales. said the bank.
• Dell — The technology company rose about 2% after Morgan Stanley raised its price target. The bank said Dell is “gaining momentum” with enterprise customers, including demand for AI servers.

Read here for the complete list.

— Peer Singh

U.S.-listed shares of Brazil’s Petrobras fell 8% in pre-market trading after the company announced a change in its CEO following political pressure.

The energy giant said on Tuesday that Chief Executive Officer Jean-Paul Prates has requested negotiations to resign as CEO, and that the government agency that oversees the company has already selected a successor.

“The Brazilian government’s decision to replace PBR’s CEO Prates with former energy regulator Magda Chambriard… “It appears that the movement to intervene in the company is further escalating.” Jefferies downgraded Petrobras from buy to hold.

— Jesse Pound

The release of the April consumer price index is scheduled for Wednesday at 8:30 a.m. ET, and Wolf Research expects the market to react sharply.

“The consensus is once again very tight heading into this morning’s report, and our sense is that even the slightest upside or downside will trigger sharp short-term swings in stock prices,” said Chris Seniek, chief investment strategist. There is a possibility.”

However, the strategist added that despite a possible move in either direction, the current market outlook remains intact.

“This morning’s CPI report could cause big moves in the short term, but it does make it clear that either (1) the U.S. is heading into a recession or (2) the Fed will raise interest rates to rein in inflation. We don’t expect a turn to bearish until then, which is part of our base case!” he wrote.

— Lisa Kailai Han

AMC stock price rose 1% in pre-market after the movie theater chain announced it would issue more than 23 million shares in exchange for $163.85 million in cash/PIK with an aggregate principal amount of 10%/12% due in 2026. It fell more than that. . ”

Stocks are plummeting this week as the meme craze returns to Wall Street. The stock is up more than 135% since the beginning of the week.

The Consumer Price Index report is scheduled to be released at 8:30 a.m. ET, and investors will be combing through the numbers for clues about when the Federal Reserve will cut interest rates.

According to a survey of economists by Dow Jones, the CPI in April is expected to rise 0.4% from the previous month and 3.4% from a year ago. Core CPI, which excludes food and energy prices, is expected to grow by 0.3% month-on-month and 3.6% year-on-year.

One area of ​​interest for investors is the housing sector, as pricing pressures in the sector continue.

“The slower the rate of inflation declines, the longer the Fed will be on its way to reaching its inflation target,” said Erica Groshen, a senior economist at Cornell University’s School of Industrial and Labor Relations. “We don’t see any major changes in the housing market that would make us think it’s going to behave differently. Demographics change slowly. No explanation found” in the past. “

— Fred Imbert, Jeff Cox

European markets opened higher on Wednesday following a record closing price for the Nasdaq, with the pan-European Stoxx 600 index up 0.3%.

According to IG data, the UK’s FTSE 100 index rose 0.5% to 8,470, Germany’s DAX rose 0.3% to 18,781, France’s CAC rose 0.3% to 8,249 and Italy’s FTSE MIB rose 0.5%. The total amount was 35,315.

Rakuten Group shares fell 4% on Wednesday after the Japanese technology conglomerate reported its 15th consecutive quarter of a net loss.

The internet conglomerate announced its financial results on Tuesday, showing an operating loss of 25.4 billion yen for the January-March period.

The company announced that operating loss in its mobile business shrank to 71.9 billion yen compared to the previous year due to cost reductions and an increase in the number of contracts.

Operating profit for the company’s financial division, which includes online banking, securities trading, credit cards, and insurance services, increased 47% year-on-year to 39.3 billion yen.

— Charmaine Jacob

Shares of Sharp Corp. fell as much as 9.4%, to their lowest point in almost a month, after the electronics and liquid crystal display maker posted an annual loss.

The company posted a loss of 149.9 billion yen ($958.7 million) for the fiscal year ending March 2024. Last year, it reported an annual loss of 260.8 billion yen.

Sharp said the loss was primarily due to impairment charges related to its display devices division.

“Sales, operating income, and ordinary income were lower than previous forecasts due to lower-than-expected demand for small and medium-sized displays for smartphones, computers, and tablets, and the postponement of recognition of patent income to the next fiscal year. ” the company said in a statement.

— Shreyashi Sanyal

The Australian government released its annual budget late on Tuesday, containing measures aimed at easing the cost of living, increasing housing construction and strengthening the health system, among other things.

In a joint statement with Prime Minister Anthony Albanese, Australian Finance Minister Jim Chalmers said: “This budget strikes the right balance between controlling inflation, providing cost-of-living relief, supporting sustainable economic growth and strengthening public finances. “

The government expects a second surplus in 2023-2024, “the first time in nearly 20 years that the government has achieved back-to-back surpluses,” Chalmers said.

— Shreyashi Sanyal

Boeing Co. shares fell about 1% in after-hours trading after the Justice Department said the plane maker violated a 2021 agreement that protects the company from criminal charges related to past 737 Max crashes. .

The department said in its filing that the company violated the agreement by “failing to design, implement, and enforce a compliance and ethics program to prevent and detect violations of U.S. fraud laws throughout its operations.”

Boeing must respond to the allegations within 30 days and could face prosecution.

— Leslie Josephs, Samantha Subin

Below are some of the stocks making the biggest moves after the bell.

• Boot Barn — Western Apparel and Footwear shares fell 7% after the company gave a lower outlook for full-year sales and earnings.
• Nextracker — Solar technology stock soared 9%. Nextracker posted his $737 million in revenue in the fiscal fourth quarter, beating LSEG’s expectations for his $682 million.

Click here for a complete list of stocks on the move.

— Samantha Subin