CNBC.com's Pippa Stevens brings you the day's top business news headlines. On today's show, Kate Rooney breaks down AMC Entertainment's latest stock sale as shares rally more than 1,400% year-to-date on the back of speculative Reddit traders. Plus, Frank Holland is on the ground in Tulsa, Oklahoma one hundred years after the brutal race massacre that destroyed Black Wall Street.
Shares of AMC Entertainment surged again Tuesday after the theater chain sold more than 8 million shares to an investment firm, the latest in a series of capital raises for the struggling company turned meme stock.
AMC said in a securities filing that it raised $230.5 million through a stock sale to Mudrick Capital Management. The theater company said it would use the funds for potential acquisitions, upgrading its theaters and deleveraging its balance sheet.
Shares were up 23% in afternoon trading.
On Tuesday afternoon, Bloomberg News reported that Mudrick had sold all of its new shares in AMC. The stock fell from its highs of the day following the report.
A century ago this week, the wealthiest U.S. Black community was burned to the ground.
At the turn of the 20th century, the Greenwood District of Tulsa, Oklahoma, became one of the first communities in the country thriving with Black entrepreneurial businesses. The prosperous town, founded by many descendants of slaves, earned a reputation as the Black Wall Street of America and became a harbor for African Americans in a highly segregated city under Jim Crow laws.
On May 31, 1921, a white mob turned Greenwood upside down in one of the worst racial massacres in U.S. history. In the matter of hours, 35 square blocks of the vibrant Black community were turned into smoldering ashes. Countless Black people were killed — estimates ranged from 55 to more than 300 — and 1,000 homes and businesses were looted and set on fire.
Oil jumps to two-year high as OPEC and allies reconfirm gradual production increase
LONDON — A group of some of the world's most powerful oil producers agreed on Tuesday to continue gradually easing production cuts amid a rebound in oil prices.
OPEC and its oil-producing allies, known as OPEC+, will boost output in July, in accordance with the group's April decision to return 2.1 million barrels per day to the market between May and July.
Production policy beyond July was not decided on, and the group will meet again on July 1.