🍿 AMC's stock surge

...and the big beef hack [Disclosures]( It's on the house [SolStock/E+ via GettyImages] Yesterday’s Market Moves Dow Jones 34,600 (+0.07%) S&P 500 4,208 (+0.14%) Nasdaq 13,756 (+0.14%) Bitcoin $37,449 (+2.65%) Dow Jones 34,600 (+0.07%) S&P 500 4,208 (+0.14%) Nasdaq 13,756 (+0.14%) Bitcoin $37,449 (+2.65%) Hey Snackers, 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... Beef The world’s biggest meat supplier shut plants after a major cyber attack — here's what might help 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. - Since May 2020, there have been 40+ publicly reported ransomware attacks against food companies. - Last month: Colonial, the US' largest fuel pipeline, was [hit]( with a crippling ransomware attack. That caused a run on the pumps, since Colonial carries nearly half of the East Coast's gas. Colonial paid [$4.4B]( worth of Bitcoin to reclaim its systems. - Last year: [~$350M]( worth of cryptocurrency payments went to ransomware attacks, up 3X from 2019. "Ransomware-as-a-Service" is a business now. Victims don’t want to lose their data, so they pay up. THE TAKEAWAY 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. Pop AMC debuts a loyalty program for individual investors, as shares nearly double in a day 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. - While it's hot: On Tuesday, AMC [sold]( 8.5M new shares for $230M to an investment firm called Mudrick Capital. - Not the first time: AMC has sold shares multiple times this year to capitalize on its stock surges and raise cash. 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 unveiled a new portal on its website, just for retail investors. Shareholders can access exclusive promos, like discounts and invitations to special screenings. - A free (large) popcorn is another new [perk]( for AMC retail investors, along with direct communications from CEO Adam Aron. THE TAKEAWAY 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. What else we're Snackin' - [Confirmed]( Activist firm Engine No. 1 claimed Exxon's third board seat, and [could]( force it to change its oil-focused strategy. - [Ransom]( NYC’s subway operator and Martha’s Vineyard ferry operator were the latest to get hit with cyberattacks. - [Stim]( Sharp declines in financial instability and anxiety coincided with the latest rounds of stimulus payments, according to a new study. - [Recall]( Tesla is recalling hundreds of Model 3s that were shipped to China, following thousands of recalls over the past few months. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. The Snacks Daily Podcast "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. Snack Fact Of the Day [Land O'Lakes CEO Beth Ford was the first openly gay woman to run a Fortune 500 firm]( Thursday - Weekly jobless claims - Earnings expected from Lululemon, Broadcom, and DocuSign Authors of this Snacks own shares of: Tesla ID: 1671982 Robinhood Snacks newsletters and podcasts reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are meant for informational purposes only, are not intended to serve as a recommendation to buy or sell any security in a self-directed Robinhood account or any other account, and are not an offer or sale of a security. 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