AMC Share Price: Shares edge lower as meme stocks trade flat for the day

NYSE:AMC dipped by 0.11% on Wednesday during another choppy day of trading for the broader markets.
Robinhood to pay the largest FINRA penalty ever at $70 million USD.
Black Widow receives positive reviews ahead of its anticipated debut.

Stocks Reporter FXStreet

NYSE:AMC has been quiet as of late, and surprisingly the stock has maintained its over inflated valuation despite the momentum of the short squeeze dying down. On Wednesday, shares of AMC trimmed 0.11% to close the trading session at $56.68, during a relatively choppy yet uneventful session for the broader markets. GameStop (NYSE:GME) gained 1.62% and BlackBerry (NYSE:BB) trimmed off 0.20%, as the meme stocks had a flat day on much lower than average trading volume, another sign that the latest meme short squeeze could be fading.

Stay up to speed with hot stocks' news!

The fallout from the original meme stock short squeeze will see retail trading app Robinhood slapped with the largest FINRA fine in history. Robinhood will be forced to pay $70 million in fines with $13 million being paid back to its clients in restitution. FINRA cited that Robinhood was responsible for the system outages that disabled trading for its users and cost them millions of dollars over the span of a few days. Robinhood expected the fine to be closer to $26 million, so the $70 million in fines will be an unexpected cost to the company as it approaches an IPO with a $30 billion valuation.

AMC stock forecast

AMC and its shareholders are anticipating a rapid return to theaters this summer as the American economy reopens following the COVID-19 pandemic. With summer blockbusters on the way, it is expected that Marvel’s Black Widow will be the biggest hit of the season. So far a week ahead of its debut, Black Widow has received rave reviews from critics, so AMC could be in for another big weekend after July 9th.

Author

Stocks Reporter

FXStreet

GBP/USD: Downward-sloping trendline near 1.3470 remains key barrier

The British pound faces selling pressure against its major currency peers, trading 0.1% lower at around 1.3420 against the US Dollar during the European trading session on Tuesday.

Euro defends 1.1500 level ahead of US data

EUR/USD struggles to make a decisive move in either direction and trades in a tight channel above 1.1500 on Tuesday. Investors cling to a cautious stance amid the uncertainty surrounding the situation in the Middle East and help the USD stay resilient against its rivals, limiting the pair's upside ahead of the next batch of US data.

Ripple Price Forecast: XRP extends technical weakness despite whales increasing exposure

Ripple (XRP) declines for a second day in a row, trading around $1.07 at the time of writing on Tuesday. The remittance token has continued to sustain a bearish outlook, aligning with the broader cryptocurrency market.

Volatility waits for fresh catalyst ahead of US-Iran 'talks'

EU mid-market update: SpaceX and AMD to report after the close; Volatility waits for fresh catalyst ahead of US-Iran 'talks'. - Middle East and energy drives sentiment still.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.