Market indexes kept in something of a holding pattern through the first full trading session of the week, coming off record closing highs on the Dow and S&P 500 on Friday, the Nasdaq on Thursday. The Dow dropped -0.30% on the day. The S&P was marginally off a new all-time close, -0.09%. The Nasdaq gained +0.16% on the day, while the small-cap index Russell 2000 fell -0.58%.
The Nasdaq has now closed its trading day higher in five of the last six sessions, while the Dow and S&P broke two-day win streaks. Energy helped drag the S&P, -1.5% on the day — as demonstrated by a -2% drop in WTI oil prices. It’s also down more than -6% in the past week and -10% for August so far. Banks were relatively flat. In all, indexes are holding near their highs.
One of 2021’s “meme stocks,” AMC Holdings AMC — which has grown +1580% year to date — reported its first bottom-line beat in its past six quarters: -71 cents per share, while still a loss, beat expectations by 20 cents per share, and is miles ahead from the dire -$3.31 per share reported in the Q2 2020 quarter. Revenues swept past estimates for the quarter: $444.7 million, versus $341.3 million expected.
AMC brought in 22 million guests in Q2, and counts $1.25 billion in new equity (before commissions and fees). It would seem at first blush this company has taken its extra attention from meme-stock buyers, and its subsequent meteoric rise in share price, to fortify its business. That, and the start of the Great Reopening has brought more people to movie theaters. The company says it’s “not out of the woods yet,” but looks for a “happy Hollywood ending.”
Planet Fitness (NYSE:PLNT) PLNT also reported Q2 results after the closing bell Monday, missing earnings estimates for now six quarters in a row (the company had never posted an earnings miss prior) on better-than-expected revenues: 21 cents reported versus 23 cents in the Zacks estimate; $137.3 million in quarterly sales versus $123 million anticipated. Though the company announced expansion plans, it dropped full-year guidance. Shares are down 4.5% in the late session.
RealReal (NASDAQ:REAL) REAL reported a miss on both top and bottom lines Monday afternoon: -50 cents per share versus expectations of a -45 cent loss, while coming up short on its top line: $104.9 million versus $106.4 million in the Zacks consensus. Even with key Gross Merchandise Value (GMV) growing 91% year over year to $350 million, shares immediately tumbled nearly 8% on the news. Shares have fought back from those lows, however.
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