Reuters | |

Shares of Reddit trader favorite AMC Entertainment surged another 25% on Wednesday and were headed for a record high as the pack of individual investors behind recent gains were unfazed by a hedge fund flipping its stake in the cinema operator.

Mudrick Capital Management bought 8.5 million new AMC shares for $230 million on Tuesday before later selling them at a profit, according to a source, a bold move by the fund and the company to cash in on the retail-driven surge in its stock.

Kimberly Redmond | |

The media company formed by the planned merger of AT&T Inc’s (NYSE: T) WarnerMedia LLC and Discovery Inc (Nasdaq: DISCA) will be known as "Warner Bros. Discovery."

On Tuesday, Discovery’s chief executive officer David Zaslav, who will lead the combined venture, unveiled the new name to employees during a meeting at the Warner Bros. studio lot in Burbank, California, according to a press release.

Kimberly Redmond | |

After multiple price increases for Tesla Inc’s popular Model 3 and Model Y, chief executive officer Elon Musk finally addressed the matter, saying they have to do with the supply chain issues across the auto industry.

Since February, Tesla has incrementally raised prices five times and provided no comment on the changes, but Musk broached the topic Monday when he replied to Twitter user @Ryanth3nerd on Twitter who had written that he didn't like “the direction Tesla is going raising prices of vehicles but removing features like lumbar for the Model Y.”

Kimberly Redmond | |

Renesas Electronics Corporation, a key automotive semiconductor supplier, said Tuesday that its plant in northeastern Japan damaged by a March 19 fire will now be back online by mid-June rather than its previous target for the end of May.

The Japanese chipmaker said it has procured “all necessary equipment to return to pre-fire production capacity,” which will be installed and operational by mid-June. Renesas anticipates production capacity of t...

Kimberly Redmond | |

Universal Orlando Resort is raising its starting minimum wage from $13 to $15 per hour and is giving more than 18,000 employees a bump in pay based on their performance and time on the job.

The changes, which take effect June 27, will impact both full-and part-time hourly positions, as well as entry-level salaried roles at the Florida theme park complex, the company said, noting that it is “the single-largest wage increase in Universal Orlando history.”

Reuters | |

Shares of AMC Entertainment soared on Thursday, notching a 35% one-day gain in a rally that burned bearish investors and sparked jubilation among the stock's online supporters.

The movie theater chain’s market value ended the session at $11.9 billion as its shares closed at $26.52, with the highest trading volume of any stock on U.S. exchanges on the day. The shares are now up 1,150% year-to-date after hitting their highest level in four years.

Kimberly Redmond | |

Ahead of Memorial Day weekend, Airbnb Inc (Nasdaq: ABNB) announced Thursday it is extending a ban on parties at homes listed on its platform through at least the end of summer to help curb the spread of coronavirus.

In a statement, the San Francisco-based short-term home rental company said it wants to “cultivate safe and responsible travel” and would reevaluate the policy in a few months.

Kimberly Redmond | |

Gap Inc (NYSE: GPS) will begin selling a new home goods brand exclusively through Walmart Inc’s (NYSE: WMT) website next month under a partnership between the two retailers.

The Gap Home collection — Gap’s first venture into the home category — features more than 400 products, ranging from décor to bedding to bath goods and will go on sale June 24 at, according to a press release issued Thursday.

Kimberly Redmond | |

Acorns Grow Inc (Acorns) announced Thursday it will go public through a merger with special purpose acquisition company (SPAC) Pioneer Merger Corp (Nasdaq: PACX) in a deal that values the popular savings and investing app at about $2.2 billion.

As part of the transaction, Pioneer would contribute about $400 million in cash, with another $165 million coming from a related private placement involving Wellington Management Company, Senator Investment Group, Declaration Partners, Greycroft, TPG Capital and BlackRock Inc.

Kimberly Redmond | | Inc (Nasdaq: AMZN) said Wednesday it has reached a deal to buy privately held MGM Holdings, the parent company of Metro-Goldwyn-Mater Studios, for $8.45 billion.

In a statement announcing the acquisition, the e-commerce giant said it hopes to leverage MGM’s storied filmmaking history and vast catalog of 4,000 movies and 17,000 television shows to help boost Amazon Studios.