MARKET RECAP → Stocks closed higher Monday as investors geared up for a heavy week of third-quarter earnings reports this week. The tech-heavy Nasdaq Composite (QQQ) led the major averages, closing the day up +1.2%, while all 11 sectors of the S&P 500 (VOO) closed higher. Bitcoin (BTC) rose over 5% today, briefly reaching $30K, as rumors circulated that the SEC is closer to approving Grayscale’s application for a Bitcoin ETF.
T. SWIFT’S BOX OFFICE BLITZ → 🎶 Taylor Swift’s “Eras Tour” film soared to record-breaking heights, grossing nearly $97 million in its debut, making concert film history. Could this be AMC Entertainment’s (AMC) saving grace?
RITE AID’S ROUGH RIDE → 💡 Rite Aid (RAD) hit turbulence, filing for bankruptcy amid dwindling sales and opioid-related lawsuits, but showcased a glimmer of hope with new leadership and restructuring plans.
Head of Investor Relations @ MoneyLion
🎤 Record-Breaking Debut: Taylor Swift’s Eras Tour concert film raked in between $95 million to $97 million during its opening weekend, according to AMC Entertainment (AMC) making it the highest-grossing domestic concert film ever, surpassing Justin Bieber’s “Never Say Never.”
🎥 Swift vs. The Joker: The film’s debut was close to breaking the October opening record held by 2019’s “The Joker” ($96.2 million). Swift’s film was also the widest-released concert film, debuting in over 3,850 domestic locations.
🎟️ Swifties Show Up: Around 4.8 million fans flocked to theaters, with 60% of tickets purchased in advance. The film’s audience was predominantly female, accounting for nearly 80%. International figures are still pending, but the domestic success sets high global expectations.
💊 Bankruptcy Beckons: Rite Aid (RAD) filed for Chapter 11 bankruptcy protection in New Jersey, announcing plans for restructuring to significantly reduce its debt. The company secured a deal with creditors, which includes evaluating its retail presence and shutting down underperforming stores. Lenders agreed to provide $3.45 billion in new funding to support the restructuring journey.
📉 Sales Slump: The drugstore chain grappled with declining sales, increasing debt, and numerous lawsuits accusing it of exacerbating the opioid crisis by oversupplying painkillers. In the quarter ending June 3, revenue dropped to $5.6 billion, a decrease from $6.01 billion the previous year. Net losses expanded to $306.7 million.
🔄 Leadership Shuffle: On the heels of these challenges, Rite Aid introduced Jeffrey Stein as its new CEO and chief restructuring officer. Stein expressed confidence in the company’s turnaround strategy, emphasizing its potential for long-term success.
U.S. oil is back, and ExxonMobil’s $60 billion deal isn’t even the biggest signal (CNBC)
Charles Schwab Q3 Profit Decreases, but beats estimates (Markets Insider)
Cryptocurrencies rise, sending bitcoin over $30,000 at one point, on optimism for a new ETF (CNBC)
68-year-old engineer spent 50 years at one company and ‘always’ told his bosses to ‘leave me alone’: ‘Let me learn the job’ (CNBC make it)
What’s Next for Grayscale, Spot Bitcoin ETF After SEC Declines to Appeal Court Loss? (CoinDesk)
How much money you need to retire comfortably in every U.S. state (CNBC make it)
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife)
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