AMC Share Price: Shares jump on record theater attendance over the weekend

NYSE:AMC gained 7.49% on Monday amidst a mixed day for the broader markets.
AMC reported impressive theater attendance numbers from the weekend.
Baird has stopped coverage of GameStop over volatility of meme stocks.

Stocks Reporter FXStreet

NYSE:AMC seems to always rise back up from the ashes, whenever Wall Street is ready to count them and their millions of retail apes out. On Monday, shares of AMC jumped 7.49% and closed the trading day at $58.11, amidst a fairly choppy day for the broader markets. The NASDAQ and S&P 500 powered to new all-time highs once again, as growth and tech stocks ruled the day. AMC still had lower than average trading volume on Monday, with only 99 million shares being traded compared to its recent daily average of 155 million shares per day.

Stay up to speed with hot stocks' news!

AMC apes can rejoice as the company reported some very strong attendance numbers from over the weekend, another sign that the U.S. is ready to open back up after COVID-19. The company stated that between June 24th and 27th, more than 2 million people attended theaters in the country, with 500,000 more attending its various locations overseas. One of the catalysts is the much anticipated release of F9: The Fast Saga, the latest iteration in the long-running Fast & Furious series. The action film brought in an estimated $70 million in ticket revenues on its debut weekend.

AMC stock forecast

AMC’s partner in crime, GameStop (NYSE:GME), also saw a small surge on Monday after being added to the Russell 1000 index last week. Not everyone is impressed though as investment analyst firm Baird has reported it has ceased coverage of the stock, given the ongoing volatility from meme investors that have separated the valuation of the stock from the fundamentals of the company.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD: Breakdown below trading range support near 1.1770 comes into play

The EUR/USD pair opens with a bearish gap at the start of a new week as the US-Iran war-led global flight to safety boosts the US Dollar. Spot prices, however, lack follow-through selling and manage to hold above mid-1.1700s during the Asian session.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold jumps over 2% toward $5,400 after US, Israel attack Iran

Gold is on fire at the start of the week, a widely expected move, as investors seek harbor in the traditional store of value, following the continued US and Israel attacks on Iran. The bright metal opened with a bullish gap of about $17 and rallied toward the $5,400 level as Asian traders hit their desks and reacted negatively to the weekend news of the Middle East conflict, rushing for cover in Gold.

Top Crypto Losers: Tezos, Toncoin, and Polkadot at crucial levels amid US-Israel strike on Iran

Altcoins such as Tezos, Toncoin, and Polkadot rank among the worst hit cryptocurrencies over the last 24 hours amid the US and Israel's attack on Iran. Tezos and Toncoin are down to crucial support levels while Polkadot remains near a crucial resistance trendline, showcasing underlying strength.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.