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Weekly Recap: $AMC, $TSLA and $WISH

The Good:

AMC

One of the most talked about stocks of the year just got a little bit of free help from from Free Guy, a Ryan Reynolds flick that saw a flock of filmgoers return to the cinema despite rising concerns about the Covid-19 Delta variant. The film grossed $28.4 million over the weekend, surpassing industry expectations between $15 and $17 million. The good news for cinemas, which have faced continued hardship during the pandemic, sent AMC up nearly 7.1% at one point on Monday, clearing $35 a share. Free Guy marks a win for movie theaters as it is unavailable on streaming services for 45 days, unlike recent big name movies like Black Widow and Jungle Cruise. Studios continue to reshuffle their Fall schedules as Covid-19 cases rise across the country, but for now a win for Free Guy is a win for AMC.


The Bad:

Tesla

Tesla shares fell almost 4.5% after the announcement that the electric vehicle maker is under investigation by the National Highway Traffic Safety Administration (NHTSA) for accidents involving Tesla’s driver-assistance features. The investigation was opened after the NHTSA identified 11 Tesla vehicles which struck vehicles of first responders assisting with road incidents. The driver-assistance program, dubbed Autopilot, and its higher-end counterpart aren’t truly self-driving, but problems with the earlier-gen technology may spell difficulty for the company’s much-touted autonomous driving program, which has yet to come. The Tesla news came as NIO, another electric vehicle company, saw a stock drop following a fatal crash involving self-driving technology.


The Ugly:

Wish

Across Friday and Monday, Wish is down a stunning 29% in value. Despite a strong start to 2021’s second quarter, a decrease in demand, according to the company’s CEO, led to a 6.4% drop in quarterly revenue. The much-watched stock debuted at $24 a share in December and reached highs of just over $31. The stock has now lost more than three-quarters of its value since its high. Beyond the drop in revenue, the company saw a 22% loss in monthly active users. App installs also fell 13% from the prior quarter and average time on the app was down 15%. There were first hints of problems with Wish when its fourth-quarter report indicated that monthly active users were down 10% globally. In April the company’s CFO departed. The stock is now seeing downgrades from analysts.

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