• AMC fell by 8.7% during Thursday’s trading session.
  • The SEC announced it is not banning PFOF on platforms like Robinhood.
  • Meme stocks continue to fall as GameStop’s NFT platform is on life support.

 

AMC Entertainment (AMC) stock slipped to a new 52-week low as the downward selling pressure across the broader markets has been especially tough on meme stocks. On Thursday, shares of AMC tumbled by a further 8.7% and closed the trading session at a price of $7.85. All three major indices fell for a third consecutive day as investors weighed the recent 75 basis point hike by the Fed as an indication that a recession is nearing. Overall, the Dow Jones lost a further 107 basis points, while the S&P 500 and the NASDAQ dropped lower by 0.8% and 1.4%, respectively, during the session. 

AMC/APE preferred stock news

Retail traders were hit with another disappointing announcement as the SEC has decided to allow Payment for Order Flow (PFOF) to continue. The controversial system used by sites like Robinhood (HOOD) to send order flow data to institutions before trades are made has been criticized by meme stock traders. While the SEC has decided not to ban the process, there could be changes in the way that make it less profitable for companies to use. Still the decision is seen as another slap in the face to retail traders who have been seeking a level playing field with institutions. 

Meme stocks continued to struggle on Thursday alongside AMC. The company’s APE preferred units hit a new all-time low price of $3.58 after falling a further 10%. This brings AMC’s true value to just $11.43 per share now. GameStop (GME) dropped by just over 8% after figures from its NFT Marketplace suggested that the platform is seeing the same drop off in transactions as OpenSea. GameStop was making less than $2,000 per day in fee revenues earlier this week. Bed Bath & Beyond (BBBY) also fell by 2.5% on concerns that even the holiday season will not save the company from inevitable bankruptcy. 

AMC 5-minute chart for 9/22/22

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