Monday morning briefing: AMC shares wilder than anything on screen right now
Back in 2020, Bill Ackman launched Pershing Square Tontine Holdings SPAC and raised over US$4 billion. A couple of attempted deals fell through, but now it appears Pershing may be closing in on a deal to purchase 10% of Universal Music Group from Vivendi SE before it goes public. While the deal hasn’t been finalized, it could be massive if it does go through. It would value Universal Music, which is the world’s largest publisher of music, at US$40 billion.
Economic/industry news
Canada’s economy grows 5.6%, annualized, in the first quarter: Economy grew at 5.6% annual rate in first quarter of year, Statistics Canada says
Canada’s unemployment rate rises to 8.2% in May: Canada suffers second labour market setback ahead of reopening
The U.S. economy adds jobs in May, unemployment rate falls: U.S. added 559,000 jobs in May, vs 671,000 estimate
According to BlackRock’s Fink, rising inflation could be a cause for concern: BlackRock CEO Larry Fink sees potential for ‘big shock’ from inflation
Reasons for hope
WHO authorizes use of Sinovac’s COVID-19 vaccine globally: China’s Sinovac shot cleared for wider global use by the WHO
Setting sail: 1st cruise ship sails through Venice since start of pandemic
New cases of COVID-19 in the U.S. plummeting: COVID cases in U.S. fall to levels not seen since March 2020
Adapting your business
Most leaders want to develop intelligent systems: Eight in ten leaders want intelligent systems success in five years but the time to start blueprinting is now
Strong collaboration with tax preparers can generate referrals: How advisors can impress tax preparers to get referrals
Pros and cons of crowdfunding vs. angel investors: Crowdfunding vs. angel investors for early stage startups
Clients are asking about cryptocurrencies: Advisors’ interest in crypto assets rising: FPA Survey
Pandemic caused many to change their estate plans: TD Wealth survey finds COVID-19 had major impact on estate planning
Remote work could have lasting impact on businesses: Working from home may revolutionize businesses
Chart of the week: AMC shares wilder than anything on screen right now
Shares of Redditt-darling AMC Entertainment Holdings Inc. had a wild ride last week. Attaining the “meme stock” moniker, shares of AMC surged as retail investors piled into the stock. And this action wasn’t isolated to North American investors, as people from all over the world joined in. But significant volatility hit the company’s share price on June 3, when AMC took advantage of its elevated share price to sell 11.6 million shares and raise about US$587 million. By the end of the week, the share price was up 84%. Let us know what you think.
Used with permission of Bloomberg Finance L.P.
News and notes (U.S.)
Hedge funds receive inflows of US$12.47 billion in April: Money continues to pour into hedge funds as investor interest remains strong
Bob Doll joins Crossmark Global Investments as CIO: Bob Doll joins faith-based investment firm
Will family offices be impacted by rising inflation?: Is inflation the biggest threat to family offices – scenarios to navigate
Mutual fund sales and performance over the past two weeks: Mutual funds scorecard: June 1 edition
News and notes (Canada)
Trying to replicate an annuity through a mutual fund: Purpose Investments tries wooing retirement savers with new annuity-like fund
Title protection in Ontario likely coming in the first half of 2022: Title protection in Ontario on track for 2022
Accepting deposits in real-time: Questrade introduces Instant Deposit to allow investors to fund trade accounts in seconds
Desjardins agrees to purchase Hexavest: Desjardins buys Montreal boutique firm Hexavest