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DJIA Futures: +22 (+0.1%)
SPX Futures: +6 (+0.1%)
NASDAQ Futures: +27 (+0.2%)
Good morning friends!
Futures are higher as traders gear up for a big earnings week and the upcoming Fed rate decision.
Let’s get right to it!
AMC Rallies After Big Weekend, Judge's Ruling
AMC Entertainment (AMC) shares are surging 36.1% ahead of the open after a monster opening weekend for Barbie and Oppenheimer.
The two movies generated a combined estimate of $235.5 million in ticket sales this weekend.
Barbie accounted for $155 million of that total, making it the highest opening of the year.
Oppenheimer garnered an estimated $80.5 million during its debut.
The success of the Barbie movie is also boosting Mattel (MAT) and Warner Bros (WBD) shares with those stocks up 2.2% and 1.6% respectively ahead of the open.
The AMC rally also comes after a judge blocked AMC’s proposed settlement for a stock conversion plan that would allow the company to issue more shares.
The judge ruled she cannot approve the settlement “as submitted,” because it would release potential claims by preferred shareholders who were not represented in the lawsuit or settlement.
AMC was sued in February for allegedly rigging a shareholder vote that would allow it to convert preferred stock to common stock and issue hundreds of millions of new shares.
Domino’s Reports Mixed Q2 Results
Domino’s Pizza (DPZ) shares are up 1.7% in premarket trade after reporting mixed Q2 results.
Here’s how the pizza chain’s results compared to analysts’ estimates:
- EPS: $3.08 vs $3.05 expected
- Revenue: $1.02 billion vs $1.07 billion expected
Same-store sales in the U.S. rose just 0.1% year over year while international same-store sales jumped 3.6%.
Big Earnings Week
Traders are looking ahead to some major earnings later this week with big-tech names on deck.
Here’s a look at the highlights:
- Tuesday AM: General Electric (GE), 3M (MMM), General Motors (GM), Spotify (SPOT)
- Tuesday PM: Microsoft (MSFT), Alphabet (GOOGL), Snap (SNAP)
- Wednesday AM: Coca-Cola (KO), Boeing (BA)
- Wednesday PM: Meta Platforms (META),
- Thursday AM: Southwest Airlines (LUV)
- Thursday PM: Intel (INTC), Ford Motor (F), Roku (ROKU)
- Friday AM: Exxon Mobil (XOM), Chevron (CVX), Procter & Gamble (PG)