- 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.
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
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