AMC Stock News: AMC Entertainment, APE preferred units both hit new 52-week lows

NYSE:AMC fell by 8.3% during Friday’s trading session.
AMC’s new partnership with Netflix did not move the needle for the stock.
Meme stocks plummet as AMC, APE hit new 52-week low prices.

Stocks Reporter FXStreet

AMC Entertainment (AMC) fell lower for the third straight day on Friday despite an interesting new partnership with a streaming giant. On Friday, shares of AMC sank by a further 8.3% and closed the trading session at a price of $6.53. All three major averages slipped for a third consecutive day following the two-day rally to start the month. A better than expected jobs report for the month of September tempered expectations for investors as concerns over further Fed rate hikes emerged. Overall, the Dow Jones lost 2.1%, the S&P 500 fell by 2.8%, and the NASDAQ posted a 3.8% loss for the session.

AMC stock price

AMC’s new partnership with Netflix (NFLX) to show its upcoming film Glass Onion: A Knives Out Mystery in theaters failed to move the needle for the stock. The partnership is not exclusive either as the film will play at several different theater chains around the world before debuting on the Netflix streaming platform. AMC will need more help from upcoming blockbusters like Black Adam and Black Panther: Wakanda Forever to help offset the struggles that the box office saw during September.

Meme stocks could not shake off the market sell-off as both AMC and APE preferred units hit fresh new 52-week lows on Friday. APE units fell below $2 for the first time as it has been a near straight line downwards since they debuted in August. GameStop (GME) and Bed Bath & Beyond (BBBY) fell by 2.5% and 7.7%, respectively, during the session.

AMC 5-minute chart 10/7/22

Author

Stocks Reporter

FXStreet

AUD/USD sits near a one-month top, above 0.7000 amid fresh USD selling

AUD/USD holds above 0.7000 through the Asian session, trading near a one-month high touched earlier this Monday amid renewed US Dollar selling. US bond yields decline further amid a modest pullback in crude oil prices, capping the USD recovery from a three-week low. Moreover, bets for a November RBA rate hike support the Aussie, though upside seems capped ahead of the crucial two-day FOMC meeting, starting Tuesday.

USD/JPY struggles below 157.00 on weak USD; holds above one-month low ahead of Fed, BoJ meetings

USD/JPY attracts fresh sellers during the Asian session on Monday, stalling its recovery from the lowest level since September 18, touched Friday as a further decline in US bond yields weighs on the US Dollar. Meanwhile, the Japanese Yen benefits from a more hawkish BoJ, further weighing on the currency pair. The downside, however, seems limited as traders keenly await Fed and BoJ policy meetings later this week.

Gold holds on just above $4,000

Gold clings to daily gains, leaving behind two daily drops in a row and reclaiming the key $4,000 mark per troy ounce and above on Monday. The better tone in the US Dollar and mixed US Treasury yields accompany the precious metal’s uptick, while declining crude oil prices appear to sustain the bounce for now.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Everyone's bracing for a hawkish central bank week. Here's why the surprise could be dovish

Five of the world's major central banks are preparing to announce monetary policy decisions this week, with investors increasingly anticipating higher interest rates as the global energy shock continues to push inflation above target.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.