Smoke Shop Distributor Sees 360% Gains After Unlikely Biopharm Partnership

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

U.S. indexes ended on a mixed note today, with the Nasdaq Composite and S&P 500 remaining in the green. The Dow Jones had a rough start to the week, dropping 140 points from Friday’s finish.

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Market-Moving News 📈

Blink Fitness Files for Bankruptcy Amidst Financial Struggles

Blink Fitness, a budget gym chain owned by Equinox Group, has filed for Chapter 11 bankruptcy protection. With over 100 locations in the U.S., Blink is the latest fitness chain to struggle financially after the pandemic, following brands like New York Sports Club and Gold’s Gym.

The company plans to sell its business but will keep its fitness centers open during the process. Blink has reported assets and liabilities ranging between $100 million and $500 million. CEO Guy Harkless stated that the bankruptcy filing aims to strengthen the company’s financial foundation and set it up for long-term success.

This step is part of Equinox Group's broader strategy to improve its finances. Earlier this year, Equinox raised $1.8 billion in a funding round to help refinance $1.2 billion in debt. Despite these efforts, Blink continues to face tough competition from other budget gyms like Planet Fitness, which has seen strong membership growth and a rise in stock value.

Blink’s future now hinges on the outcome of its bankruptcy proceedings and the search for a suitable buyer.

Tesla Pauses Orders for Entry-Level Cybertruck Amid Demand Concerns

Tesla has paused orders for the most affordable version of its Cybertruck, sparking concerns about potential demand issues. The company recently discontinued sales of the rear-wheel drive (RWD) model, which was priced around $61,000 and offered a 250-mile range. Now, the only available option is the all-wheel drive (AWD) model, priced at $99,990, with a 318-mile range.

The AWD model, part of Tesla's limited-edition Foundation Series, is available for immediate delivery in August or September. For those interested in the top-tier tri-motor 'Cyberbeast' version, starting at $119,900, deliveries are expected as early as October.

With over 1 million preorders for the Cybertruck, Tesla aims to produce 200,000 units annually across all trims by year-end. However, demand for the more expensive models seems to be falling short of expectations. Analyst Sam Abuelsamid from Guidehouse Insights suggests many reservations were likely canceled due to the higher prices and reduced features compared to initial promises.

Although Tesla sold 8,755 Cybertrucks in the second quarter, it remains a lower-volume model for the company. The halt in RWD orders might indicate challenges in balancing supply and demand, though the RWD version may return in 2025.

Disney Announces Groundbreaking Expansion Plans for Theme Parks and Cruises

The Walt Disney Co. (DIS) is moving forward with an exciting expansion of its theme parks and cruise fleet, investing billions to enhance its entertainment offerings. Despite facing some challenges with demand, Disney is optimistic about its future growth.

The company recently shared details of its ambitious $60 billion, 10-year expansion plan at the "D23: The Ultimate Disney Fan Event" in Anaheim. This plan marks the largest expansion in Magic Kingdom’s 53-year history, introducing a new Villains Land and an area themed around the popular "Cars" franchise. Additionally, Disney is set to unveil new "Avengers" attractions across its parks in California, Hong Kong, and Shanghai.

Disney is also boosting its cruise ship fleet, with plans to grow from nine to thirteen ships by 2031. These new investments are poised to enhance the Disney experience for millions of visitors worldwide.

While Disney’s stock has seen some fluctuations due to a temporary slowdown in discretionary spending, the company’s strong performance in its streaming services—ESPN+, Disney+, and Hulu—highlights its overall resilience. CFO Hugh Johnson remains confident, noting that the company's strategic expansions position Disney well for future growth.

Overall, Disney’s commitment to expanding its attractions and services reflects a positive outlook on the future, reinforcing its position as a leader in entertainment.

Greenlane Holdings [GNLN] $11.50 (+360.0%)
Greenland Holdings announced its letter of intent to be the sole distributor of Safety Strips, Inc.'s Xylazine, Fentanyl, and Drink Spike Detection Test Strips.

PS International Group [PSIG] $2.30 (+127.72%)
PS International more than doubled today as a result of pre-market trading without any clear news from the company.

Revance Therapeutics [RVNC] $6.60 (+86.97%)
Revance Therapeutics shared news about plans to merge with private skincare company Crown Laboratories.

B. Riley Financial [RILY] $8.15 (-51.92%)
B. Riley Financial tanks after disclosing subpoenas from regulators and suspending dividends.

JetBlue Airways Corporation [JBLU] $4.80 (-20.66%)
JetBlue Airways gets downgraded by both S&P and Moody’s following plans to raise more than $3 million in debt.

Fortrea Holdings [FTRE] $20.04 (-20.35%)
Fortrea Holdings suffered today amid significant misses to revenue and earnings per share.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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