AMC Stock News: AMC Entertainment tumbles despite Bed Bath and Beyond extending squeeze
|- NYSE:AMC fell by 13.94% during Wednesday’s trading session.
- Bed Bath and Beyond continued higher as other meme stocks struggled.
- New Constructs is still bearish on both AMC and GameStop.
NYSE:AMC erased any gains made on Tuesday as the meme stock tumbled lower during a volatile session on Wall Street. On Wednesday, shares of AMC fell by 13.94% and closed the trading day at a price of $21.36. Stocks took a backseat on Wednesday as all three major indices closed lower after Target (NYSE:TGT) and Lowe’s (NYSE:LOW) reported mixed retail earnings. On top of that, recent FOMC meeting minutes show that the Fed is still taking a hawkish approach to interest rates despite a slowing of inflation. Overall, the Dow Jones dropped by 171 basis points, the S&P 500 fell by 0.72%, and the NASDAQ posted a 1.25% loss for the session.
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Once again, the headlines were dominated by Bed Bath and Beyond (NASDAQ:BBBY). The stock extended its improbable run and gained a further 11.77% during Wednesday’s session. It should be noted that as of the time of this writing, shares of BBBY are down by more than 18%. Bed Bath and Beyond rose at the expense of its fellow meme stocks as AMC, GameStoP (NYSE:GME), FuboTV (NYSE:FUBO), and Revlon (NYSE:REV) all dropped lower during trading.
AMC stock forecast
New Constructs analysts are still bearish on meme stocks, despite their recent revival. Analyst David Trainer mentioned that AMC’s problems started long before the pandemic and that GameStop is running out of cash after its recent investments in its NFT Marketplace and digital wallets. Trainer believes there is a good chance both stocks fall to $0 in the long-term.
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