Today in the Market (7/17/2023)

Good Evening! On Monday, the stock market experienced an upward trend as investors chose to overlook indications of China’s ongoing economic recovery challenges and instead focused on the upcoming influx of earnings reports for the week.

The S&P 500 saw a slight increase of 0.39%, whereas the Dow Jones had a small gain of 0.22%. The Nasdaq Composite experienced the biggest gain of 0.93%.

PRICE REDUCTIONS INBOUND!

Ford (F) made an announcement on Monday morning regarding a significant reduction in prices for its F-150 Lightning electric vehicle. This decision comes after a series of significant price increases since its initial release.

So how big is the price reduction? The reduction in prices will be implemented across all variants of the Lightning model. Notably, the Pro commercial truck will experience the greatest decrease of $9,979, resulting in a new price of $49,995. Similarly, the top-tier Platinum Extended range will witness a reduction of $6,079, leading to a new price of $91,995.

How did the prices get so high? In 2021, Ford introduced the Lightning EV, during which the company announced that the initial Pro commercial truck model would be priced at a level below $40,000. However, due to various factors such as increased material costs, shortage of components, and production challenges, Ford had to significantly increase prices. As a result, the Pro model’s manufacturer’s suggested retail price (MSRP) reached $59,974 shortly before the recent price reductions.

SHAREHOLDER VS. AMC

A shareholder of AMC Entertainment Holdings Inc. (AMC) initiated a lawsuit against the theater chain in a Delaware court, alleging that AMC has failed to promptly convene its annual meeting for the purpose of electing members to the company’s board of directors.

So what’s the lawsuit? According to the lawsuit filed by individual shareholder Kevin Barnes, AMC is obligated by its corporate bylaws to hold an annual meeting, with the most recent occurrence taking place on June 16, 2022. The petitioner formally requested the Delaware Chancery Court to mandate AMC hold its upcoming annual meeting no later than August 18th.

Does Barnes have any ground for the case? In response to the lawsuit filed by Barnes, it was alleged that the company had appointed two members to its nine-member board of directors without conducting a shareholder election. The individual raised allegations against AMC, asserting that their governance practices are suboptimal, resulting in a high frequency of litigation developed by AMC shareholders. For example, one such lawsuit involved holders of AMC common stock who sought to stop a stock conversion plan.

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