- NYSE:AMC gained 1.8% during Friday’s trading session.
- Meme stocks manage to post a positive close to the trading week.
- AMC is hoping that a re-launch of Avatar can help the box office this weekend.
UPDATE: AMC Entertainment has chosen Citigroup Global to sell up to 425 million of its APE preferred units. APE units were given to AMC stock shareholders as a dividend just a month ago. As many observers said at the time, these APE units would give AMC the right to dilute and raise equity without putting it to a shareholder vote. AMC stock has dropped 3.8% to $7.68 in Monday's premarket on the news. APE units are down 12.3% to $3.14 in the premarket. It is expected that AMC would use the proceeds of such a sale to pay down its massive debt acquired during the pandemic.
NYSE:AMC managed to avoid the selling pressure from Friday’s market sell off and snap its recent losing streak. Shares of AMC rose by 1.78% and closed the trading week at a price of $7.99. The move higher was certainly an outlier on Friday as all three major averages tumbled into the weekend. Stocks extended their declines from Wednesday’s Fed interest rate hike and posted the fifth losing week in the past six. Overall, the Dow Jones hiit a new low for 2022 after losing 486 basis points, while the S&P 500 and the NASDAQ posted losses of 1.72% and 1.80% respectively during the session.
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Meme stocks bucked the market trend on Friday as AMC and GameStop (NYSE:GME) both rose higher to close the week. Unfortunately for AMC shareholders, the APE (NYSE:APE) preferred shares hit yet another all-time low and closed the week at a price of just $3.58. Bed Bath and Beyond (NASDAQ:BBBY) tumbled by 5.92%, proving that not all meme stocks were immune to Friday’s sell off.
AMC APE preferred stock price
AMC and other cinema chains are hoping that a timely re-launch of a classic film can boost box office sales this weekend. Walt Disney (NYSE:DIS) is re-releasing Avatar this weekend as the company prepares to ramp up marketing for the release of the Avatar sequel in December. After a slow end to the summer, Avatar’s re-release could be exactly what movie theaters need to boost sales into the Halloween and holiday seasons.
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