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

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD looks to regain the 200-day SMA

EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold bounces off lows, back above $5,100

Gold remains on the defensive, eroding part of the recent multi-day advance and managing to trade back above the $5,100 mark per troy ounce on Tuesday. The precious metal initially dropped just below the critical $5,000 threshold on the back of the persistent strength of the Greenback, higher US Treasury yields across the curve and investors' repricing of Fed rate cuts.