Net worth tracking
Login Sign Up
  • All Opinions
  • Top Picks
  • Discover
  • Companies
  • Experts
WATCH LIST
Home » Daily

Stocks stage surprise comeback, Cineplex deal off

Allan TongAllan Tong Posted On June 15, 2020
0
371 Views
0
0
Shares
  • Share On Facebook
  • Tweet It

On Monday, the bulls and bears slugged it out in a volatile session. After nearly two months of no new Covid-19 cases, Beijing reported new ones. Meanwhile, states in the American south, such as Florida and Alabama, reported their own rise. Fears of a second wave triggered selling Monday morning, but then the bulls started charging.

The catalyst was a report confirmed by Washington that the U.S. will now allow Huawei to work with American companies to set standard for the upcoming 5G network.

Then, the U.S. Fed announced that it would start its program of buying corporate bonds. The plan had been previously announced, but not when. This double-whammy propelled the Dow by 200 points during the session until it closed 0.62%. The Nasdaq closed even higher at 1.43%. At the morning bell, American indices were down over 2%. Stay-at-home names were up: Zoom Video soared 8.88% and videogamer Electronic Arts popped 3.73%.

A cross-border deal also made headlines. Shopify announced a partnership which will add 1,200 Shopify sellers to Walmart’s third-party marketplace. Shopify rallied 8.34% while Walmart climbed 0.29%. However, things weren’t rosy with another international deal.

In a surprise reversal over the weekend, Cineworld cancelled its $2.8 billion acquisition of Cineplex, citing “certain breaches” made by Cineplex but wouldn’t explain them. In response, Cineplex feels that Cineworld has “buyer’s remorse” and accuses the U.K. giant of backing out of the deal because of Covid-19, which Cineworld cannot do under the contract.

Cineplex will fight Cineworld in court. The Canadian cinema chain plunged 16.86% in Monday trading. The TSX gained 0.68% led by materials and real estate.

📹 Zoom Video Communications Inc. +8.88%
🎮 Electronics Arts Inc +3.73%
🛍 Shopify Inc. +8.34%
🛒 Walmart Inc +0.29%
🎟 Cineplex Inc -16.86%

Post Views: 371
0
Shares
  • Share On Facebook
  • Tweet It




Trending Now
Grande West Transportation Group, Aritzia Inc. and More at 52-week Highs (Jan 20-26)
Melisa R. H. January 27, 2021
C3.ai, Inc., Linde PLC and 18 Stock Top Picks (Jan 15-21)
Melisa R. H. January 22, 2021
Defensive Stocks Redefined: Less Volatility + Reliable Dividend
Read Next

Defensive Stocks Redefined: Less Volatility + Reliable Dividend

  • We're the Stock Chasers
    Hi! We are the Stock Chasers. We write about investing and finance tools we love. We’re passionate about fintech and we invest almost all our affiliate and advertising revenues into the development of Stockchase and Wealthica. We hope you enjoy the stock ideas and product reviews!
  • Join 39,652 Investors

    Winning in the Market eBook
    We deliver stock ideas to your inbox. Sign up free, get the ebook!

  • Top Reviews

    • The Ugly Truth About Identity Theft – Free Credit Report
      10
    • Questrade Review: Pros & Cons of Trading with Questrade Canada (2021)
      8.5
    • Questrade vs Others | The Review Competitors Don’t Want you to Read (2021)
      7.4
  • Popular Posts

    • Grande West Transportation Group, Aritzia Inc. and More at 52-week Highs (Jan 20-26)
    • C3.ai, Inc., Linde PLC and 18 Stock Top Picks (Jan 15-21)
    • Canadian National R.R., Metro Inc and More Earnings Reports this Week (Jan 25-29)
    • Questrade vs Others | The Review Competitors Don't Want you to Read (2021)
    • Questrade Review: Pros & Cons of Trading with Questrade Canada (2021)
  • Stock Lists

    • Hit and Misses: 5 Tempting Tech Stocks
      January 26, 2021
    • 2 Successful Past Picks: Nuvei & Medtronic
      January 19, 2021
    • 4 Proven Financial Stocks Riding the Blue Wave
      January 13, 2021
    • Top 8 ETF Stocks To Watch in 2021
      January 8, 2021
    • Top 10 Finance Stocks To Watch in 2021
      January 7, 2021


  • Get $50 in free trades.


  • Stockchase neither recommends nor promotes any investment strategies.

    About us : Privacy & Terms : Contact us

© Stockchase Inc.
Press enter/return to begin your search