Microsoft Invests in Self-Driving Car Business and AMC Shares Soar After Secured Debt Issuance
On Tuesday, shares of Microsoft closed up 1.78% after the company announced it would be investing in the driverless car company, Cruise. Automobile manufacturers GM and Honda also back Cruise.
Cruise plans on using Microsoft’s Azure cloud platform for its self-driving car service. Additionally, Microsoft announced a partnership with GM to provide cloud services. Microsoft CEO Satya Nadella states “As Cruise and GM’s preferred cloud, we will apply the power of Azure to help them scale and make autonomous transportation mainstream.”
Shares of Microsoft are up about 1% in the past three months.
Shares of AMC Entertainment skyrocketed on Tuesday, closing up over 30%. AMC’s stock jumped after the company announced a $100 million secured debt deal to boost the company’s liquidity. Last October, the company announced they anticipated “existing cash resources would be largely depleted by the end of 2020 or early 2021.”
AMC Entertainment has struggled amid the pandemic, with shares down nearly 58% in the past 12 months. Although the company reopened with strict safety measures last year, moviegoers were still reluctant to go. And with the announcement of more movies coming to streaming platforms such as Netflix and HBO Max, movie theaters have suffered.
Shares of AMC Entertainment are down over 13% in the past three months.
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