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Today in the Market (12/22/2022)

Good Evening. After a brief comeback in the prior session, U.S. equities plummeted on Thursday as December’s sell-off accelerated.

The S&P 500 ended the day down 1.45% after falling as high as 2.8% during afternoon trade, while the Dow Jones lost 1.05%. The Nasdaq Composite fell 2.18%.

10 FOR 1 REVERSE SPLIT

AMC (AMC) fell 7% to $4.91 a share on Thursday after the nation’s largest cinema operator announced a reverse stock split and the conversion of its APE (APE) preferred equity units into AMC shares. The stock was suspended early in Thursday’s trading session due to volatility after falling as high as 17%.

How big is the split? The business wants shareholders to approve a 1:10 reverse split of AMC shares. This sort of action is often seen as superficial by investors. A reverse split decreases the number of outstanding shares in order to boost the share price. If authorized, every 10 shares will be merged into a single share.

On top of that, the board is considering converting APE preferred equity units into AMC ordinary shares, which resulted in APE surging 78% to $1.21 per share.

It does not end there… If the conversion and reverse split are granted, AMC also wants the ability to issue common stock, just as it has been able to generate money via the issuance of extra APE units.

LET'S TAKE THE BUS INSTEAD, IT'S FREE!

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The Washington D.C. council decided to eliminate the city’s $2 bus charges beginning in July.

Why? DC is embracing a rising trend of fare-free transit. Los Angeles and Kansas City, Missouri, discontinued bus fare collecting in 2020, with no expiration date scheduled for Kansas City’s zero-fare scheme. Politicians in New York City and numerous other cities are likewise attempting to reduce bus fares to $0.

What are the benefits? Fare-free rides may encourage more people to take the bus instead of driving cars, speed up stops, give lower-income residents a break, and reduce conflicts between riders and law enforcement, according to supporters of the newly passed measure in Washington, D.C. Officials in Kansas City have reported a 13% increase in ridership after eliminating charges.

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