AMC Stock Forecast: AMC Entertainment drops lower and erases previous gains from Disney partnership
- NYSE:AMC fell by 4.89% during Tuesday’s trading session.
- AMC could see some negative performance following Cineworld’s bankruptcy.
- Meme stocks also cratered on Tuesday with one interesting exception.
NYSE:AMC sank lower on Tuesday alongside a CPI-induced, broader market sell off as investors predict a hawkish and aggressive rate hike later this month. Shares of AMC fell by 4.89% and closed the trading session at a price of $9.72. Stocks erased gains from the previous four sessions following a higher than expected CPI print from the month of August. The figure came in above Wall Street estimates as well as higher on a sequential basis from July. Overall, the Dow Jones lost 1,276 basis points, the S&P 500 dropped by 4.32%, and the NASDAQ tumbled by 5.16% during the session.
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AMC could continue to see some negative price action following the bankruptcy of the world’s second largest theater chain, Cineworld (LON:CINE). While CEO Adam Aron assured Apes that the company is nowhere near the financial situation that Cineworld is in, it certainly is not a positive turn of events for the industry. Interestingly, shares of Cineworld rose higher by 8.93% on Tuesday, although European markets were mostly closed by the time the damage was done to US markets.
AMC APE preferred stock price
Meme stocks were on the decline as the sector was unable to avoid the broader market sell off on Tuesday. Alongside AMD, shares of GameStop (NYSE:GME), APE (NYSE:APE), and Bed Bath and Beyond (NASDAQ:BBBY) were all below water for the session. One exception was AMC investment Hycroft Mining (NASDAQ:HYMC) which soared higher by 12.13% after reporting better than expected mining results including a higher quality of gold and silver than first expected.
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