AMC Stock Forecast: AMC Entertainment rises despite another slow weekend at the box office

NYSE:AMC snapped its mini two-day slide from last week and saw its stock price climb back above the $9.00 price level. On Monday, shares of AMC rose higher by 2.23% and closed the first trading session of the week at a price of $9.18. Stocks rallied to kick off a key week of trading as the Fed will announce its September rate hike on Wednesday. Following a hotter than expected inflation reading from August, many anticipate a continued hawkish stance by the Fed. Overall, the Dow Jones added 197 basis points, the S&P 500 gained 0.69%, and the NASDAQ rose higher by 0.76% during the session. Unfortunately for movie theaters, it was another slow weekend at the box office.

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How slow? The past two weeks have seen the lowest amount of ticket sales since the end of January. A lack of blockbusters certainly has a lot to do with it, and even though Hollywood has promised to deliver some for the holiday season, that doesn’t help AMC much right now. It also doesn't help that investors are currently bearish on theater stocks after the world’s second largest cinema operator, Cineworld (LON:CINE), filed for bankruptcy last week.

AMC APE preferred stock price

Other meme stocks were on the rise on Monday as the sector seems to have exhausted its selling pressure for now. GameStop (NYSE:GME) and Bed Bath and Beyond (NASDAQ:BBBY) rose by 1.12% and 0.12% respectively, while AMC’s preferred shares of APE (NYSE:APE) slipped lower by 4.69%. Last week BBBY actually received a price upgrade from $5.00 to $9.000 from an analyst at Jefferies, while reiterating the Neutral rating for the stock.

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