Today in the Market (11/9/2023)

Good Evening! On Thursday, equities fell due to a surge in bond rates after a disappointing Treasury auction. This was further exacerbated by Fed Chair Jerome Powell’s speech, which had a hawkish tone about inflation.

All three indices ended the day in the red, with the NASDAQ Composite showing the largest decline of 0.94%, the S&P 500 falling by 0.81%, and the Dow Jones declining by 0.65%.

GUESS WHO'S BACK!

Stock in AMC (AMC) is seeing a significant decline due to concern over the potential dilution of shares resulting from filings to issue up to $350 million in stock.

What is the reasoning? According to AMC’s filing, the company intends to use the cash raised to enhance its financial stability, settle, refinance, redeem, or buy its current debts (including associated fees, accrued interest, and potential premiums), and for other business needs.

It’s not the first time they have done this! AMC shares had a prior decline earlier this year due to investor concerns around share dilution. In September, the stock declined by almost 20% after AMC announced its intention to sell 40 million shares.

Earnings were overshadowed as well… According to Wall Street’s view, the stock issuance on Thursday surpassed the favorable earnings announcement on Wednesday night and any prospective benefits from the conclusion of the SAG-AFTRA labor strike.

TIME TO FLY!

LTA Research Pathfinder 1 Airship

Pathfinder 1 successfully completed its first test flight after a decade-long period dedicated to the development of the state-of-the-art airship, as stated by Alan Weston, the CEO of LTA Research. LTA (“Lighter Than Air”) has made significant advancements in updating outdated technologies, thanks to financial support from billionaire co-founder of Google, Sergey Brin.

But what is so special about Pathfinder 1? According to Weston, LTA’s each airship has the potential to transport up to 200 tons of cargo, which is about 10 times the capacity of a Boeing 737. This makes them a feasible substitute for freight aircraft, ships, and trains. On top of that, the electric aircraft, which exceeds the length of three Boeing 737s, has the potential to introduce a new age of environmentally friendly aviation.

Going forward! Weston and Brin want to use airships for humanitarian aid missions due to the aircraft’s minimal infrastructure requirements for takeoff and landing. However, Pathfinder 1 must undergo a series of rigorous tests before it can achieve flight in the real world

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