It's on the house SolStock/E+ via GettyImages
If you're having a rough week, we wish you as much resilience as this cat, which survived a five-story jump from a burning building uninjured — and then just casually walked off.
Stocks ticked up yesterday, while meme stocks surged. About that...
Vegans aren't sweating it... JBS, aka: Earth's largest meat producer, was forced to shut down all of its US beef plants after a cyberattack over the weekend. The ransomware attack halted output at facilities that supply nearly a quarter of America's meat — and some in Australia and Canada. Ransomware = hijacking computer systems and demanding payment for the release of the "hostage." The FBI is blaming a Russia-based hacking group called REvil (classic). JBS' CEO said that most plants would be operating by Wednesday (aka: yesterday).
Niet good... JBS is one of four meat giants that control more than 80% of US beef processing, so this attack is raising national food security alarms. Cyber attacks have been increasingly targeting critical infrastructure. Think: pipelines, power grids, and food production facilities.
This corporate problem may require a government solution... Hackers are seeking payment in Bitcoin, which is hard to trace — and might require sophisticated government intelligence. Plus, each time a company pays a ransom, it encourages more attacks. Experts believe Russia is funding the "ransomware plague." Companies can't pressure Russia to stop — but the government can. President Biden will have plenty to discuss when he meets with Russian president Putin later this month.
The corn is popping... and AMC smells butter. AMC stock nearly doubled yesterday, rallying a whopping 95%. Shares popped so quickly that they triggered four NYSE trading halts — aka: the NYSE temporarily paused trading of AMC stock, because it moved too rapidly outside of its "price band." This year, the stock is up over 3,000%, and AMC now boasts a $28B market cap, up from $500M a year ago.
The corn is free... AMC stock closed at a record high yesterday, even while 30% of movie theaters are still closed and some studios are going direct-to-streaming. Retail traders have rallied around the stock, helping AMC avoid pandemic bankruptcy. Now, AMC is turning its individual shareholders into loyalty members:
AMC is catering to the retail investor... 3.2M individual investors own 80% of AMC shares. Now, AMC is taking steps to engage retail shareholders in a way we haven't seen before. In the words of AMC's Aron: "these people are the owners of AMC, and I work for them.” AMC's moves speak to the growing importance of retail investors in the markets.
"Depop = where TikTok shops."
Etsy is dropping $1.6B for Depop, Gen-Z’s used clothing app.
Tune in to hear why second-hand has replaced fast fashion.
Authors of this Snacks own shares of: Tesla