🪙 Circle IPO

+ AMC soars after booking record revenues for Memorial Day weekend

May 27, 2025

Good afternoon! Starting tomorrow, Southwest’s legendary “bags fly free” slogan gets stuffed in the overhead bin. Passengers will now cough up $35 for the first checked bag and $45 for the second — bringing the airline right in line with its big-name rivals. Naturally, top-tier loyalty members and premium fare flyers will still get their bags kissed through for free, and credit card holders snag one gratis bag (you’re basically Delta now, congrats).

The sudden shift isn’t just about keeping up appearances — it’s about cold, hard cash. While Southwest once swore that bag fees would cost them more in lost loyalty than they’d ever earn, a little activist investor pressure seems to have changed their tune.

MARKETS

*Stock data as of market close*

  • Stocks jumped Tuesday after Trump delayed 50% EU tariffs, lifting hopes that trade talks were back on. The Dow surged 741 points, while the S&P 500 and Nasdaq also rallied hard, breaking their four-day losing streaks.

  • Investors also cheered a rebound in consumer confidence, which bounced after five straight months of declines. Meanwhile, Treasury yields cooled off as global markets settled on signs of easing financial strain.

STOCKS
Winners & Losers

What’s up 📈

  • CoreWeave surged 21.23% despite a Barclays downgrade. ($CRWV)

  • SoundHound AI soared 16.05% after Piper Sandler initiated coverage with an overweight rating. ($SOUN)

  • VF Corporation surged 12.92% after CEO and COO insider buys. ($VFC)

  • AMC Entertainment soared 23.77% after a record Memorial Day weekend. ($AMC)

  • Tesla jumped 6.94% after Elon Musk reaffirmed focus on key ventures. ($TSLA)

  • LifeStance Health climbed 10.38% after UBS upgrade. ($LFST)

  • Informatica popped 6.08% on Salesforce’s $8 billion buyout deal. ($INFA)

  • Cummins advanced 2.85% after Goldman Sachs upgrade. ($CMI)

  • Nvidia added 3.21% on China-focused Blackwell chip launch news. ($NVDA)

  • Wingstop rose 5.03% after Truist upgrade. ($WING)

What’s down 📉

  • Rocket Pharmaceuticals plunged 62.84% after reporting a patient death in its gene therapy trial. ($RCKT)

  • Champion Homes sank 16.39% after missing earnings and announcing an acquisition. ($SKY)

  • Trump Media & Technology tumbled 10.38% after unveiling a $2.5 billion bitcoin buy plan. ($DJT)

  • PDD Holdings dropped 13.64% after reporting a 47% profit decline. ($PDD)

IPO/CRYPTO
Stablecoin issuer Circle kicks off its IPO, targeting a nearly $6 billion valuation


Stablecoin giant Circle is finally making its public debut. The issuer of USDC — the second-largest stablecoin globally — has launched its IPO, aiming to raise up to $624 million at a valuation near $6 billion. It’s offering 24 million shares at $24–$26 each and will trade on the NYSE under CRCL.

Circle has been eyeing a listing since 2021, and the timing feels right: Congress is moving closer to passing a stablecoin regulatory framework, and Circle is eager to position itself as the transparent, regulated alternative to Tether. Last year, Circle pulled in $1.68 billion in revenue and $156 million in profit, though profits fell from the prior year. Big backers like Cathie Wood’s ARK Investment are signaling confidence, eyeing $150 million worth of IPO shares.

Trump Media Bets Big on Bitcoin

On the other side of the crypto aisle, Trump Media — parent of Truth Social — announced it’s raising $2.5 billion to buy Bitcoin. The plan includes $1.5 billion in new stock and $1 billion in convertible debt, aiming to bulk up its crypto reserves and fuel new payment and token products across its media platforms.

Investors weren’t thrilled — shares fell 8% on concerns over dilution and the company’s ongoing financial struggles. Trump Media reported a $31 million loss last quarter despite $821 million in revenue, and its push into financial services, dubbed “Truth. Fi,” signals a broader ambition to move beyond social media.

Two Bold Moves, Two Very Different Stories

Circle’s IPO could mark a milestone moment for crypto’s integration into public markets, offering investors a play on the growing stablecoin sector. Meanwhile, Trump Media’s Bitcoin bet is more of a high-risk pivot, aiming to transform a struggling media venture into a crypto powerhouse. Both moves reflect the evolving ambitions — and risks — of crypto’s biggest players as they push further into the mainstream.

NEWS
Market Movements

ENTERTAINMENT
AMC soars after booking record revenues for Memorial Day weekend

Theaters just scored their biggest Memorial Day weekend ever, pulling in $326 million at the domestic box office — more than double last year’s take. AMC shot up 24%, Cinemark popped 4%, and Marcus Corp. gained 10% on the news, as moviegoers packed theaters for Disney’s live-action “Lilo & Stitch” and Paramount’s “Mission Impossible — The Final Reckoning.” Toss in Marvel’s “Thunderbolts*,” Warner Bros.’ “Sinners,” and “Final Destination Bloodlines,” and you’ve got the cocktail that powered record-breaking ticket and concession sales.

Disney’s Smart Pivot

Originally set to go straight to Disney+, “Lilo & Stitch” hit the big screen instead — and it paid off big, pulling $360 million globally over the holiday weekend. This mirrors Disney’s earlier win with “Moana 2,” showing that theatrical runs (not just streaming drops) can still drive serious revenue, plus boost merchandise and park tie-ins. Last year alone, Stitch-branded merch brought in $2.6 billion, proving the little blue alien is still a cash machine.

Summer’s $4 Billion Promise

Analysts are now eyeing a $4 billion-plus summer at the domestic box office, thanks to a stacked release slate: “How to Train Your Dragon” (live-action), Marvel’s “The Fantastic Four,” and Warner Bros.’ “Superman” reboot are just a few of the upcoming blockbusters. AMC’s CEO says the industry has “turned a corner,” and with ticket sales and food-and-beverage revenue both setting holiday records, it looks like the box office comeback is in full swing.

The Bigger Picture: Theaters aren’t just clawing back lost pandemic ground — they’re reasserting cultural relevance in an era when streaming fatigue is quietly setting in. After years of couchbound convenience, audiences may be rediscovering the social magic of going out to the movies, signaling a subtle but important shift in entertainment habits.

Calendar
On The Horizon

Tomorrow

Wednesday is shaping up to be a calm one on the economic front, with the highlight being the release of the latest FOMC minutes — basically a peek behind the curtain at what the Fed’s top minds were thinking during their last big meeting. It’s the go-to read for anyone trying to guess where interest rates and the broader economy might head next.

On the earnings front, though, things are anything but sleepy. Reports are rolling in from heavy hitters like Salesforce, Macy’s, Synopsys, Dick’s Sporting Goods, Abercrombie & Fitch, c3. AI, HP, Capri Holdings, and U-Haul — giving investors plenty to chew on even if the Fed minutes are light on surprises.

Earnings:

  • After the close, Nvidia takes center stage — the poster child of the AI boom that’s oddly been treading water this year, up less than 1%. Investors are anxious about two things: trade war fallout and whether AI budgets are losing steam. So far, earnings from the tech giants suggest they’re still eager to splurge on Nvidia’s coveted chips. But tomorrow, the real question is how Nvidia plans to weather rising tariffs — and whether Chinese upstarts might seize the moment while Nvidia’s busy dodging political crossfire. Expect all ears on the guidance.

NEWS
The Daily Rundown

The key to a $1.3T opportunity

A new real estate trend called co-ownership is revolutionizing a $1.3T market. Leading it? Pacaso. Led by former Zillow execs, they already have $110M+ in gross profits with 41% growth last year. They even reserved the Nasdaq ticker PCSO. But the real opportunity’s now. Until 5/29, you can invest for just $2.80/share.

This is a paid advertisement for Pacaso’s Regulation A offering. Please read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC.

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He’s already IPO’d once – this time’s different

Spencer Rascoff grew Zillow from seed to IPO. But everyday investors couldn’t join until then, missing early gains. So he did things differently with Pacaso. They’ve made $110M+ in gross profits disrupting a $1.3T market. And after reserving the Nasdaq ticker PCSO, you can join for $2.80/share until 5/29.

This is a paid advertisement for Pacaso’s Regulation A offering. Please read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC.

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