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.

Stocks Reporter FXStreet

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.

Author

Stocks Reporter

FXStreet

GBP/USD edges lower below 1.3650, with eyes on US PCE data

GBP/USD trades with a negative bias below 1.3650 in the European session on Wednesday, eroding a part of the previous day's strong gains. The pair, however, remains within striking distance of a six-month top, set last Friday, as traders keenly await the release of the US Personal Consumption Expenditures (PCE) Price Index data for a fresh impetus.

EUR/USD holds lower ground near 1.1650 ahead of key US data

EUR/USD is holding lower ground toward 1.1650 in Wednesday's European session. The US Dollar is recovering modestly amid profit-taking and Middle East uncertainty. US inflation, tracked by the PCE, and another revision of Q2 GDP data should keep investors entertained on Wednesday.

Gold remains depressed below $4,650 on firmer USD; looks to US PCE for Fed rate outlook

Gold sticks to modest losses below $4,650 heading into the European session, though it lacks bearish conviction and remains confined within the previous day's broader range. The US Dollar regains positive traction amid some repositioning ahead of the US Personal Consumption Expenditures Price Index and is seen as weighing on the commodity. Adding to this, Federal Reserve Chair Kevin Warsh's remarks at the Jackson Hole Symposium on Friday might offer more cues about the interest rate path.

Dogecoin, Shiba Inu, Pepe: Profit-taking cools last week’s rally

Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), are losing their bullish momentum after last week’s double-digit gains. Facing downside pressure amid profit-taking, DOGE and PEPE risk further decline while SHIB holds at a support level.

America’s self‑inflicted trade wound

I’m conflicted about the trade war that the U.S. has started with Canada. Let’s be clear: any representation that Canada has been taking unfair advantage of the U.S. or that they have been treating us badly for years is a bogus characterization. In reality, the shoe is on the other foot. It’s the U.S. that has been behaving badly.

Canada hits US goods with tariffs; The rate market sees a problem

On September 8, Canada begins charging its own importers 15%, 25% and 50% on roughly 700 lines of American goods. The measure is billed as dollar for dollar, and on the arithmetic of covered trade it is. What it is not is a tax on the United States.