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(Reuters) - AMC Entertainment shares were down by a third on Thursday after the company took advantage of a record stock price with its second share issue in three days while saying it did not know how long its stellar run would last and warning investors of the risks involved.
FILE PHOTO: A taxi passes an AMC theatre amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri
AMC’s shares traded 33.4% lower on Thursday at $41.10 after the company said it agreed to sell up to 11.55 million of its shares from time to time in an at-the-market program. A wave of buying from retail investors had helped AMC’s share price nearly double to a record close of $62.55 in the prior session.
Indian shares slipped on Wednesday, weighed down by financials and information technology stocks, with investors also worried over high valuations following a recent rally.
Shares of cigarettes-to-hotel conglomerate ITC Ltd fell nearly 3% on Wednesday, after the company warned that lockdown restrictions could cause disruptions in its supply chain in the near future.
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SAO PAULO (Reuters) - Brazilian meatpacker Marfrig Global Foods is increasing its stake in food processor BRF SA to up to 30%, a source familiar with the move told Reuters, putting the buyer close to the threshold where it would have to make a public tender for all the company’s outstanding shares.
Marfrig previously owned a 24% stake that it acquired last month and was approaching a 30% holding via open market transactions, the source said.
Financial blog Brazil Journal first reported the move earlier on Wednesday.
Marfrig, which produces beef in the United States, Brazil and Argentina, declined to comment on the transaction. Its shares were up 3.1% on the Sao Paulo stock exchange in early afternoon trading.