Wednesday, May 18, 2022

Alibaba (BABA), Trinseo (TSE), Cinemark (CNK), AMC, DoorDash (DASH), Airbnb (ABNB) Fell On Monday While Electronic Art (EA), Take-Two Interactive (TTOW) Rose

In Monday Trading, the Chinese giant Alibaba Group Holding Limited (BABA) fell -3.22 percent to $256.03. Alibaba as well as China Literature, a subsidiary of Tencent Holdings, and Shenzhen Hive Package, were each fined 500,000 yuan by the Chinese regulator. By this symbolic number, companies are fined for not properly reporting acquisitions.


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Electronic Arts Inc (EA) rose 1.28% to $137.54. The electronic gaming and multimedia company has entered into an agreement for $1.2 billion to purchase the UK’s Codemasters, a counter-offer that is higher than that already advanced by Take-Two Interactive Software Inc. (TTWO), which was up 2.62 percent to $195.20 on Monday.


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Shares of Trinseo S.A. (TSE) were down -2.64 percent to $42.01. The specialty chemicals company reported that it has been offering the PMMA sector of Arkema for 1.14 billion euros. The divested company of Arkema employs roughly 860 employees and has 7 manufacturing sites. The projected turnover for 2020 is about EUR 510 million, with an EBITDA of approximately EUR 122 million.

Cinemark Holdings, Inc. (CNK) was down -3.4% to $15.70. The entertainment firm is searching for flaws from its rival AMC Entertainment Holdings, Inc. (AMC), which plummet -18.6 percent to $3.19 on the day. Recently, the cinema manager officially showed its interest in many of AMC’s sites, which were seriously weakened by the health crisis. This is what the New York Post says at least, citing sources sensitive to the matter.

Since the group declared on Friday its plan to issue 178 million Class A shares, AMC shares have plummeted, more than double the number of such securities. AMC also warned that it will run out of cash next January because of a lack of new money.

The Wall Street Journal understands that Roblox has increased its expectations for its IPO, which it will then postpone early next year even after very impressive IPOs of DoorDash Inc (DASH) and Airbnb Inc (ABNB) on Wall Street in recent days. DoorDash was down -8.57% to $160.00 whereas Airbnb was down -6.64% to $130.00 at ring of the bell on Monday.

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