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

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