The latest cyberattack on an American supply chain was felt yesterday as JBS - the biggest meat producer in the U.S. (and the world) - reported a ransomware breach that shut down all its beef facilities. The company's meatpacking plants also experienced some level of disruption due to the hack which was attributed to a notorious criminal gang based out of Russia. JBS sells beef and pork under the Swift brand, and is also the owner of Pilgrim's Pride, the second-largest U.S. chicken producer.
Economists are already debating whether, or to what degree, stimulus spending is fueling inflation, with consumer prices rising by a whopping 4.2% in April. Prices of lumber, steel and semiconductors are also at record highs, given historically low inventories and surging demand. Port congestion and rising freight costs are meanwhile adding to price pressures amid a scarcity of shipping containers, as well as dwindling warehouse space.
Shares of AMC Entertainment reached $37.52 this morning, opening at an all-time high. On Tuesday, AMC reported it had sold 8.5 million newly issued shares to Mudrick Capital, the latest in a series of capital raises for the meme stock. The hedge fund later turned around and sold all of its AMC stock for a profit, according to a report from Bloomberg News. AMC said in a securities filing that it raised $230 million through a stock sale to the investment firm. The movie theater operator said it would use the funds for potential acquisitions, upgrading its theaters and deleveraging its balance sheet.