A special Summit event held at the New York Stock Exchange saw an unusually large number of entertainment stocks in the S&P 500, and a handful of stocks that aren’t expected to do well.
However, there was also plenty of good news for investors.
Here’s what you need to know about the market…
The top performer on the S & P 500 was Summit Entertainment Group (SEGA), which rose 1.2% to $33.25.
This was down slightly from its first day of trading last week, but it’s still the best performing entertainment company on the entire index.
The S&s main competitor was Suddenlink Entertainment, which rose 2.4% to close at $29.40.
While this is still a very low price, it’s the biggest gainer of the day.
The company’s shares had been down more than 30% this year.
Summit Entertainment’s stock was down more, but still has some upside.
The stock had been trading near the bottom of the SPSE for more than a year.
That’s when the company bought back its shares in August, bringing its price back to where it was at the start of this year, when the price was up by more than 50%.
Summits performance in the last 24 hours is one of the reasons it rose.
In the last 12 months, the stock has climbed over 8,000%.
The stock has also seen a significant drop in its valuation since its inception in 2015.
Summit was valued at $1.7 billion in 2018.
The last time it was this low was in 2017, when it was valued just over $1 billion.
In 2018, the company made an offer for Summit, but the deal never materialised.
The deal that was signed with the city of Chicago was valued by Bloomberg at $4.4 billion, a number that was not enough to get Summit back into the S;P500.
The city of New York, which has been Summit’s biggest market for more a decade, also was not interested in the offer.
Despite the decline in its value, Summit’s stock still remains a good investment.
It’s a high-quality stock that can be purchased on the open market for a very reasonable price.
The only downside is that Summit doesn’t trade very often.