American Eagle call volume above normal and directionally bullish » 13:0507/0807/08/20
Bullish option flow…
Bullish option flow detected in American Eagle with 15,113 calls trading, 6x expected, and implied vol increasing over 6 points to 72.65%. Nov-20 12 calls and Jul-20 11 calls are the most active options, with total volume in those strikes near 14,700 contracts. The Put/Call Ratio is 0.03. Earnings are expected on September 2nd.
Movie theater operators sue NJ over coronavirus closures, THR reports » 14:2707/0707/07/20
AMC, CNK, CNNWF
Movie theater operators…
Movie theater operators AMC (AMC), Cinemark (CNK), and Regal (CNNWF) are suing the state of New Jersey, claiming that Governor Phil Murphy can't keep theaters closed in the state any longer, The Hollywood Reporter's Eriq Gardner reports. "By this Complaint, Plaintiffs challenge Defendants' unconstitutional and unlawful distinctions in allowing certain places of public assembly to reopen, while requiring movie theatres to remain closed," states a complaint being led by the National Association of Theatre Owners of New Jersey. "COVID-19 represents a serious public health risk, and Plaintiffs support fair and reasonable actions by the government to address that risk. However, the government-mandated total closure of movie theatres is neither fair nor reasonable, and is instead a violation of Plaintiffs' First Amendment rights of freedom of speech and freedom of expression, Equal Protection of the laws, Due Process under the law, and is a Taking of property without just compensation." Reference Link
|Over a week ago|
Cinemark updates phased reopening timeline to begin July 24 » 08:0806/3006/30/20
Cinemark announced it…
Cinemark announced it will update the phased reopening of its U.S. theatres as a result of recent shifts in new studio content. Cinemark said in a release, "Cinemark theatres will open showcasing some of Hollywood's favorite classic films beginning Friday, July 24, with additional theatres reopening in subsequent weeks. All theatres will reopen with elevated cleaning and safety standards, and moviegoers should visit www.cinemark.com for the most updated information. Shortly after reopening, guests will once again get to enjoy Hollywood's newest releases on the big screen as the box office gets into full swing with Unhinged on July 31 and The Broken Hearts Gallery on Aug. 7, followed by Tenet on Aug. 12, Mulan on Aug. 21, Bill & Ted Face the Music on Aug. 28, and A Quiet Place Part II on Sept. 4. The health and safety of guests, employees and communities is a top priority. All Cinemark theatres will boast The Cinemark Standard upon reopening with greatly enhanced cleanliness, sanitizing and safety measures at every step of the moviegoing experience. Each theatre will also have a designated Chief Clean and Safety Monitor on duty to ensure the highest standards of safety, physical distancing, cleanliness and sanitization."
Beyond Meat downgrade, Southwest upgrade among today's top calls on Wall Street » 10:0206/2906/29/20
BYND, LUV, ICPT, SPOT, AMC, CNK
Check out today's top…
Cinemark downgraded to Neutral from Outperform at Credit Suisse » 06:2506/2906/29/20
Credit Suisse analyst…
Credit Suisse analyst Meghan Durkin downgraded Cinemark (CNK) to Neutral from Outperform with a price target of $13, down from $20. The analyst downgraded the U.S. theater operators owing to concerns around their re-opening, which was previously expected by mid-July. COVID-19 cases are surging in states that had already begun to re-open, including California, Texas, and Florida, the top three states for theaters and 35% of the U.S. box office, Durkin tells investors in a research note. Durkin now assumes a "much softer" return for the box office and would not be surprised if the film studios take an even more cautious stance and push back any films still slated for July/August. The analyst, however, continues to view Cinemark as well positioned to endure this crisis, with liquidity into late 2021 if theaters are closed. Durkin this morning also downgraded AMC Entertainment (AMC) to Underweight from Neutral.
Unusually active option classes on open June 24th » 09:4006/2406/24/20
REAL, ABEV, DELL, IRBT, AEO, FSLY, SPOT, SLB, PENN, GDX
Unusual total active…
Unusual total active option classes on open include: RealReal (REAL), Ambev (ABEV), Dell Technologies (DELL), iRobot (IRBT), American Eagle (AEO), Fastly Inc (FSLY), Spotify (SPOT), Schlumberger (SLB), Penn National (PENN), and Gold Miners ETF (GDX).
Mattel names Anthony DiSilvestro as next CFO » 16:0606/2306/23/20
Mattel (MAT) announced…
Mattel (MAT) announced that Anthony DiSilvestro will join the company as Executive Advisor on June 29, 2020, and will assume the role of CFO on the date following the filing of the company's Quarterly Report on Form 10-Q for the second quarter 2020, which is anticipated to be filed July 30, 2020. DiSilvestro will succeed Joseph Euteneuer, who will leave the company as part of the company's previously announced transition plan. DiSilvestro joins Mattel with nearly four decades of financial and leadership experience, most recently serving as Senior Vice President and CFO of Campbell Soup Company (CPB).
Campbell Soup upgraded to Buy on sustainable food-at-home lift at Jefferies » 06:3906/2206/22/20
As previously reported,…
As previously reported, Jefferies analyst Rob Dickerson upgraded Campbell Soup (CPB) to Buy from Hold with a $59 price target after his survey work supported ongoing elevated food-at-home consumption post-COVID once stay-at-home orders have been lifted. The analyst, who also upgraded Conagra Brands (CAG) to Buy, said both companies benefit from a higher-for-longer at-home food consumption. Campbell is in the "much earlier stages" of its turnaround story than Conagra, added Dickerson.
Campbell Soup upgraded to Buy from Hold at Jefferies » 05:3606/2206/22/20
Jefferies analyst Rob…
Jefferies analyst Rob Dickerson upgraded Campbell Soup to Buy from Hold with a $59 price target.
AMC will not mandate guests wear masks in theaters, Variety reports » 05:2406/1906/19/20
AMC Entertainment (AMC)…
AMC Entertainment (AMC) will not mandate that all guests wear masks when its theaters reopen, although employees will be required to do so, Brent Long of Variety reports. "We did not want to be drawn into a political controversy," said AMC CEO Adam Aron in an interview with Variety. "We thought it might be counterproductive if we forced mask wearing on those people who believe strongly that it is not necessary. We think that the vast majority of AMC guests will be wearing masks. When I go to an AMC feature, I will certainly be wearing a mask and leading by example." AMC will also sell masks for a dollar to guests who forgot to bring one, Long reports. Both Cinemark (CNK) and Regal are encouraging guests to wear masks, but not requiring it in states and areas where it is not mandated, adds Long. Reference Link