- AMC stock fell by 2.9% during Thursday’s trading session.
- AMC Entertainment and Netflix reach their first ever partnership to show movies in theaters.
- Meme stocks continued their downward trajectory as APE shares closed at a new all-time low.
AMC Entertainment (AMC) slipped lower during intraday trading but was higher in afterhours trading following the announcement of a major partnership. On Thursday, AMC dropped by 2.9% and closed the trading session at a price of $7.12. All three major indices closed lower for the second straight day as investors looked ahead to Friday’s key payroll and employment data for the month of September. Overall, the Dow Jones fell by 346 basis points, the S&P 500 dropped by 1%, and the Nasdaq lost 0.7% during the session.
AMC stock price
In a major partnership announcement, AMC and Netflix (NFLX) signed an agreement to play one of Netflix’s new movies in up to 200 AMC theaters. This is the first time that AMC and Netflix have joined forces and comes on the heels of AMC’s partnership with Walt Disney (DIS) earlier this year. The deal will see AMC theaters play the new movie Glass Onion: A Knives Out Mystery across the US and in select locations across Europe as well. Both companies have struggled this year for different reasons. Moviegoers have not returned to theaters at pre-pandemic levels, while Netflix is undergoing a restructuring plan to help mitigate a drop in subscribers.
Other meme stocks were also on the decline as APE preferred units hit a new all-time low closing price of $2.24. GameStop (GME) and Bed Bath & Beyond (BBBY) were also below water, while Hycroft Mining (HYMC) also continued to fall further below the $1 price level.
AMC 5-minute chart for 10/6/22
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