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BREAKING: CPI Numbers Are In

AMC, Boeing, Walmart

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Happy Wednesday! Let’s have a great day:

👉 AMC addresses debt

👉 Boeing faces possible charges

👉Walmart layoffs staff

BREAKING: April CPI inflation drops to 3.4%, which aligns with expectations of 3.4%.

Core CPI inflation is 3.6%, which is in line with expectations of 3.6%.

AMC: Addresses Debt

AMC Entertainment Holdings is using its recent stock rally to reduce its debt, similar to its strategy in 2021. The movie theater chain announced a private deal to exchange about $164 million of its 10% notes due 2026 for 23.3 million shares of new stock, valued at $7.33 per share.

Source: Bloomberg

AMC has been addressing its debt through swaps and buybacks, including a $200 million debt-for-shares exchange last year. The company faces ongoing challenges as movie ticket sales remain below pre-pandemic levels. Lenders have proposed a plan to extend AMC's near-term debt maturities, and the company is working on extending these obligations.

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BOEING: Criminal Prosecution

The DOJ said Tuesday that Boeing violated a 2021 settlement protecting it from criminal charges related to the 737 Max crashes, potentially leading to criminal prosecution. The DOJ gave Boeing 30 days to respond, alleging the company failed to maintain a fraud prevention program.

Source: Boeing

Boeing denied the claims. In 2021, Boeing agreed to a $2.5 billion settlement after being accused of hiding information about the Max plane involved in two fatal crashes. The DOJ said Boeing admitted that its staff misled the FAA about the plane’s flight-control system. Boeing has been under intense scrutiny after multiple incidents with their planes.

WALMART: Layoffs and Relocations

Walmart is laying off hundreds of corporate workers and relocating many to its Arkansas headquarters. Chief People Officer Donna Morris said this aims to bring more employees back to the office after the pandemic. The company had already returned employees to Bentonville in February 2022.

Source: Walmart

The exact number of layoffs is unknown. This news comes just before Walmart's earnings report on Thursday. These layoffs are part of Walmart's cost-cutting measures, which include closing 51 health clinics in several states due to financial issues.

Headlines You Need To Know: 🎙

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Source: Statista

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