00:00Ticker SPCX, Tom.
00:02We've been keeping an eye on it since the IPO, and we continue to do so this morning.
00:07Right now, the shares are lower by almost 2%, but it's kind of been swinging between gains and losses after
00:14shedding three straight days of declines.
00:17More than $600 billion in market value for Elon Musk's rocket AI company.
00:23The 16% drop for SpaceX yesterday was second only to NVIDIA as the biggest one-day drop.
00:30For a single stock on record.
00:31But, of course, all this is coming as investors are waiting for SpaceX to kick off its first investment-grade
00:36bond sale.
00:37We've been talking about this for the last several days.
00:39A source tells us this morning it's going to come in five parts,
00:42and we've already reported that SpaceX is hoping to raise at least $20 billion from this offering.
00:48An unusual move for an investment-grade market that's used to lending to established companies that make things like cars
00:54or sell life insurance.
00:55SpaceX has yet to turn a profit.
00:57I can barely keep up.
00:58We'll expect, yeah, it's going to keep burning cash through 2029, according to S&P Global.
01:03There's actually a great story on Bloomberg as well this morning that the SpaceX IPO is raising hope for investors
01:10in Elon Musk's other publicly traded company
01:12that the endgame may be a merger between SpaceX and Tesla.
01:17Tesla shares, by the way, down about 2.5% pre-market.
01:21You got another?
01:22Yeah, I got IBM.
01:24We've been talking about the tech-led sell-off all morning long, but IBM shares are bucking that trend right
01:30now.
01:30They are higher by more than 4%.
01:34Stock got an upgrade from neutral to overweight over at J.P. Morgan, and a 15% boost to that
01:39shop's price target.
01:40It's now at $291 a share.
01:43Right now, IBM's around $262.
01:45Still below the average of analysts tracked by Bloomberg.
01:47But J.P. Morgan analysts say the upgrade reflects better confidence in software acceleration ahead.
01:54On top of that, Big Blue also announced it's joined the OpenAI Daybreak Cyber Partner Program.
02:00It says the pact is going to bring advanced AI capabilities into security operations to help enterprises counter machine speed
02:08threats.
02:10Just yesterday, President Trump praised IBM and its CEO, Arvind Krishna, for boosting U.S. chip production.
02:16He joked to reporters about selling IBM stock at a lower price before he returned to office.
02:22Oh, and also, Morgan Stanley also raised its price target on IBM from $225 to $267.
02:29So there's that as well.
02:30Okay, got one more quick one?
02:32Yeah, AMC Entertainment.
02:34Apparently, you announced a direct share sale and the stock tanks.
02:40Right now, AMC shares are sinking by more than 24%.
02:45Wow.
02:46Yeah, the theater chain announced a direct offering of 95.25 million shares priced at around $200 million.
02:52Do the math.
02:53That's about $210 a piece.
02:55Right now, AMC is trading at $209.
02:57Bloomberg Intelligence is suggesting close to 15% dilution for common stockholders.
03:02Who's in American Multicinema.
03:05I had to look that one up.
03:06Yeah, Nathan read the red herring.
03:08Roth Capital Partners acted as sole placement agent for the offering.
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