In a slightly lukewarm day for Wall Street this Wednesday, the S&P 500 remained largely unmoved, as market participants processed the most recent statements about the direction of future monetary policy by Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average experienced a dip, shedding approximately 138 points or a modest 0.4%. In contrast, the S&P 500 held its ground, demonstrating no noticeable change. The Nasdaq Composite, on the other hand, went against the grain and saw a slight uptick, registering a 0.25% gain. In his remarks this Wednesday, Powell alerted markets to a tightening monetary environment, hinting at a probable series of interest rate hikes in upcoming meetings. His words came while he was participating in a discussion at the European Central Bank Forum on Central Banking, held in the scenic town of Sintra, Portugal.
One stock that we would like to draw your immediate attention to is Loop Media, Inc (NYSE American: LPTV). LPTV is currently trading at $2.90. Earlier in June, leading financial services firm B. Riley Securities has announced the initiation of coverage on Loop Media, Inc. (NYSE American: LPTV) with a bullish rating and a 12-month target of $5 per share. The move comes as Loop Media, Inc. (NYSE American: LPTV) is poised to benefit from the ongoing shift of advertising budgets towards digital options. B. Riley Securities predicts strong revenue growth for DOOH advertising in the coming years, positioning Loop Media for success (Source: https://newstrendingreports.com/wp-content/uploads/sites/13/2023/06/2023-06-08-Initiation-LPTV.pdf)
Loop Media, Inc (NYSE American: LPTV) is a leading digital out of home (DOOH) TV and digital signage platform optimized for businesses, providing free music video, news, sports and entertainment channels through its Loop TV service. Loop Media is the leading company in the U.S. licensed to stream music videos to businesses through its proprietary Loop Player. Loop Media’s digital video content reaches millions of viewers in DOOH locations including bars/restaurants, office buildings, retail businesses, college campuses, airports and on free ad-supported TV platforms and at local gas stations on GSTV terminals in the United States.
Loop is fueled by one of the largest and most important short form entertainment libraries that includes music videos, movie trailers, branded content and live performances. Loop Media’s non-music channels cover a multitude of genres and moods and include movie trailers, sports highlights, lifestyle and travel videos, viral videos and more. Loop Media’s streaming services generate revenue from advertising, sponsorships, integrated marketing and branded content, and from subscriptions.
On June 22, 2023, Loop Media, Inc (NYSE American: LPTV) and Orange Door, an established music, video and entertainment distributor in New Zealand, announced that Loop Media has been added to Orange Door’s portfolio of offerings in New Zealand.
This partnership allows Orange Door and Loop Media to further expand Orange Door’s offerings in New Zealand and Australia and the opportunity to work with all business verticals – including healthcare, office buildings, retail, grocery and c-store sectors – which were previously inaccessible to Orange Door.
“By working with Loop Media, we are able to further penetrate into the out-of-home market starting in New Zealand,” said Ross Vickers, CEO of Orange Door. “We can now offer additional opportunities and service to the retail, fitness, medical and hospitality sectors with the best-in-class Loop Player and its curated entertainment channels.
Prior to this, on June 08, 2023, Loop Media, Inc. (NYSE American: LPTV) and Pypestream, the leading self-service automation platform with an all-in-one cloud messaging and conversational AI, announced a strategic partnership that brings AI to Loop Media’s curated entertainment business venue experience.
Loop Media now provides businesses with AI generated information to make sure the right content is playing at the right time for the right audience in each location. Similar to the major music streaming services, Loop and Pypestream are leveraging the abilities of machine learning to understand business processes, making it possible to identify the most logical content recommendations based on demographic, operator preference, venue style and business type among other data.
To find out 7 Reasons why Loop Media, Inc. (AMEX: LPTV) is Poised for Meaningful Growth in 2023, Click HERE
Let’s take a look at some of the most active stocks of the day.
At 11:37 AM EDT, Sirius XM Holdings Inc. (SIRI) saw a positive shift, trading at $4.23, a rise of $0.14 or 3.42% from its previous close. The trading volume stood at 7.93 million, with a market cap of $16.36 billion, somewhat shy of its average volume of 16.50 million.
Opendoor Technologies Inc. (OPEN) was another significant mover, trading at $3.765, up by $0.36 or a notable 10.74%. The volume of shares traded was around 27.19 million, slightly more than its average volume of 23.60 million, suggesting a heightened interest in the stock. The company currently boasts a market capitalization of $2.44 billion.
The spotlight was also on Virgin Galactic Holdings, Inc. (SPCE), which was trading at $4.6898, up by $0.35 or 8.06%. The stock saw a trade volume of 17.85 million, almost equivalent to its average volume of 17.50 million. Virgin Galactic’s market capitalization stood at $1.33 billion.
Next, we have SoundHound AI, Inc. (SOUN) which was trading at $4.475, marking a rise of $0.28 or 6.55%. The trading volume was at 12.03 million, somewhat lower than the average volume of 14.48 million. The company’s market cap was estimated to be around $972.83 million.
Lastly, Nikola Corporation (NKLA) witnessed a rise of $0.03 or 2.59%, with the stock trading at $1.1285. Despite the company’s lower market cap of $808.89 million, the stock maintained a robust trading volume of 17.81 million, significantly lower than its average volume of 47.61 million.
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