AMC Stock Forecast: AMC Entertainment Holdings Inc gains on old news, congressional hearings
- NYSE:AMC added 3.45% on Friday to close the week on a mini 2-day run.
- Forbes France released a translation of an article that stated that AMC was on the radar of a tech giant.
- AMC and other meme stocks are front and center as Robinhood CEO is grilled in a congressional hearing.
NYSE:AMC has seen a slight rally over the past few days, showing that there may be some residual volatility from the recent Reddit war with Wall Street. On Friday, as the markets rallied early but fell late once again, AMC closed the trading session at $5.70 after adding 3.45% during the day. Despite the two-day rebound, shares of AMC are still down over 70% from its brief 52-week high of $20.36 just a few weeks ago.
The catalyst for the price movement was an article released by Forbes France which translated a year-old report that tech giant Amazon (NASDAQ:AMZN) was interested in acquiring AMC. The date of the original news was acknowledged in the report, but that has not stopped investors from gobbling up some shares of the stock at its bargain-bin prices. Given how much time has passed since the report was originally released, chances are any ideas Amazon had have long since been forgotten or dismissed by the company, especially during the continuation of the COVID-19 pandemic.
AMC stock price
AMC and other meme stocks like GameStop (NYSE:GME) are temporarily back in the spotlight as Robinhood CEO Vladamir Tenev continues to be interrogated during the ongoing congressional hearing. Robinhood is at the center of the investigation as the online broker was forced to manipulate and control the ability of investors to buy these meme stocks, in order to avoid becoming insolvent. What lies ahead for AMC is unclear, but for now, the theater chain has voided bankruptcy and will hope to regain its popularity once the COVID-19 pandemic is under control.
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Stocks Reporter
FXStreet
