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MiamiGent Member Level  Tuesday, 06/01/21 10:03:00 AM
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June was set for a positive start on Wall Street. Dow futures led the way Tuesday, with an over 200-point gain, about 0.7%. The Dow Jones Industrial Average and S&P 500 broke two-week losing streaks with weekly gains around 1%. The Nasdaq jumped 2% last week for its first two-week winning streak since mid-April. (CNBC)

The Nasdaq, however, bucked May's uptrend, dropping 1.5% and ending a six-month winning streak. Investors already have Friday's May employment report in their sights, as well as the June 15-16 meeting of Federal Reserve policymakers. (CNBC)

* For CNBC Pro subscribers: Here are today's biggest analyst calls: McDonald s, Vail, Nio, AMC

Bitcoin, off 44% from April's all-time high near $65,000, traded above $36,000 on Tuesday. Bitcoin crashed last month, plunging more tan 30% on May 19 to around $30,000. However, at Tuesday's levels, it was still up about 24% in 2021 and 275% higher in the past 12 months. (CNBC)


AMC Entertainment (AMC) surged again Tuesday, up 17% in premarket trading after the company sold more than 8 million shares to an investment firm. It's the latest in a series of capital raises for the struggling theater chain. AMC shares doubled last week on extremely high volume as retail investors on Reddit's WallStreetBets forum drove interest once again. (CNBC)

Cinemark (CNK) was among movie theater chains seeing a boost today after "A Quiet Place, Part II" topped the weekend box office with more than $58 million in ticket sales. That was the highest weekend total for any movie since the pandemic began. AMC, Cinemark and Regal Cinemas have also lifted all mask mandates for fully vaccinated customers. (CNBC)

Moderna (MRNA) on Tuesday asked the FDA for full approval of its two-dose Covid-19 vaccine, the second U.S. drug maker to seek a biologics license that would allow it to market the shots directly to consumers.
On May 7, Pfizer (PFE) and its German partner BioNTech (BNTX) said they started the process of seeking full approval for their vaccine. (CNBC)

Price hikes on Tesla (TSLA) vehicles are due to "major supply chain pressure" across the auto industry, CEO Elon Musk said in response to a tweet. "Raw materials especially," Musk added. In May, Tesla increased its Model 3 and Model Y prices, the automaker's fifth incremental price increase for its vehicles in just a few months, according to EV news site Electrek. (Reuters)

Social Finance is expected to debut as a public company Tuesday after completing last week its merger with a SPAC backed by venture capital investor Chamath Palihapitiya. The transaction, announced in January with the Social Capital Hedosophia Corp V special purpose acquisition company valued SoFi (SOFI) at $8.65 billion.

Australian and North American units of the world's largest meat processor were hit over the weekend by an organized cyberattack on its information systems, Brazil's JBS said. Last month, a ransomware attack on Colonial Pipeline caused fuel storages on the East Coast and a U.S. government response. (Reuters)


Cloudera (CLDR) agreed to be acquired by private-equity firms KKR (KKR) and Clayton Dubilier & Rice for $16 per share. The cloud-based data analytics company's shares surged 24.8% in premarket trading.

Johnson & Johnson (JNJ) is asking the Supreme Court to review a $2 billion verdict against it involving talc products that allegedly caused cancer in a number of users. The court may decide as soon as today whether it will grant that review.

A judge sided with 3M (MMM) in the second trial involving earplugs sold to the military. 3M has been hit with more than 230,000 claims that the earplugs were faulty and caused hearing problems, and the first trial resulted in a $7.1 million verdict in favor of three veterans.

Nokia (NOK) will collect licensing fees from automaker Daimler for its patents, ending a legal dispute between the two companies. Terms of the settlement were confidential, but the deal will add to the annual $1.7 billion that Nokia earns from patent licensing.

Nio (NIO) delivered 6,711 vehicles in May, an increase of 95% compared to a year ago for the China-based electric vehicle maker. Following those results, Citi upgraded Nio to "buy" from "neutral," and raised its sales forecast for the company.

Rival Chinese electric vehicle company Xpeng (XPEV) is also seeing accelerating sales with 5,686 vehicles delivered last month, an increase of 483% from a year earlier. Nio rallied 3.9% in premarket trading, while Xpeng jumped 4.6%.

Canopy Growth (CGC), a Canadian cannabis producer, reported a 38% jump in revenue during its fiscal fourth quarter, though that increase was slightly smaller than analysts had been anticipating. Shares rose 1% in premarket trading.


Matthew J. Belvedere

Peter Schacknow

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