• NYSE:AMC fell by 1.3% during Wednesday’s trading session. 
  • Meme stocks suffer as volatility on Wall Street hits all sectors.
  • AMC is looking to avoid following in the footsteps of Cineworld’s bankruptcy.

 

AMC Entertainment (AMC) saw its recent slide extend to three days as the Fed’s latest rate hike took the markets for a wild ride on Wednesday. Shares of AMC fell by a further 1.3% and closed the trading session at a price of $8.60. It was a volatile day of trading as investors lay in wait for Fed Chairman Powell’s September rate hike. As expected, it came in at 75 basis points, with the ultimate goal of a 4.6% terminal rate next year.  Overall, the Dow Jones lost a further 522 basis points, while the S&P 500 and the NASDAQ fell by 1.7% and 1.8%, respectively, during the session.

Meme stocks struggled yet again as most of the usual suspects were trading well below water during Wednesday’s volatile session. Along with AMC, the company’s APE preferred units receded by 5.9% and hit a new all-time low price during intraday trading. Shares of GameStop (NYSE:GME) and Bed Bath & Beyond (NASDAQ:BBBY) slipped lower by 2.5% and 4.3%, respectively, as well.

 

AMC/APE preferred stock price

The main question on the minds of Apes these days is if AMC can continue to stay in business as the stock price is propped up by retail traders. The bankruptcy announcement from the world’s second largest movie theater company Cineworld Group (LON:CINE) was certainly not promising for the long-term survival of AMC. After a slow summer season, AMC will need a strong holiday season from movie goers to offset what has already been a weak year for cinemas. 

AMC 5-minute chart

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD drops below 0.9750 after upbeat US PMI data

EUR/USD drops below 0.9750 after upbeat US PMI data

Following a brief consolidation period, EUR/USD came under bearish pressure and dropped below 0.9750 during the American session on Friday. Better than expected Manufacturing and Services PMI figures from the US provided a boost to the dollar, further weighing on the pair.

EUR/USD News

GBP/USD renews multi-decade below 1.0900

GBP/USD renews multi-decade below 1.0900

After having recovered toward 1.1100 earlier in the day, GBP/USD turned south in the American session and touched its lowest level since 1985 below 1.0900. The PMI data from the US showed that the private sector activity recovered in September, fueling another leg higher in DXY.

GBP/USD News

Gold falls below $1,650, looks to post weekly losses

Gold falls below $1,650, looks to post weekly losses

Pressured by the renewed dollar strength on upbeat US PMI figures, gold lost its recovery momentum and dropped below $1,650. Meanwhile, the 10-year US T-bond yield is up nearly 1%, forcing XAU/USD to stay on the backfoot heading into the weekend.

Gold News

BTC makes a bullish comeback amid regulatory tension, but lacks confirmation

BTC makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price has produced three consecutive lower lows since September 7, but at the same time, the Relative Strength Indicator (RSI) has shown a positive rise demonstrating a lack of underlying bearish power.

Read more

TSLA suffers as yields continue to dominate

TSLA suffers as yields continue to dominate

Tesla (TSLA) reacted poorly to the latest central bank developments with the stock falling 4% on Thursday. Main indices were not as badly hit with the S&P 500 losing less than 1% and the Nasdaq just over 1%.

Read more

Forex MAJORS

Cryptocurrencies

Signatures