• AMC fell by 7.6% during Thursday's trading session.
  • AMC’s total value closed below the $10 price level on Tuesday. 
  • Meme stocks drop after Bed Bath & Beyond reports disappointing earnings.

 

AMC Entertainment (AMC) stock erased most of its gains from the previous two days as Wednesday’s bounce was proven to be a one-day bear market rally. On Thursday, shares of AMC tumbled by 7.6% and closed the trading session at a price of $7.09. Stocks pulled back following Wednesday’s rally as all three major indices sank back into the red after Apple (AAPL) received a rare analyst downgrade from Bank of America. Overall, the Dow Jones lost 458 basis points, the S&P 500 dropped by 2.1% to close at a new low for 2022, and the Nasdaq posted a loss of 2.8% during the session. 

AMC stock forecast

Following Thursday’s losses, AMC’s true stock value price fell below the $10 price level for the first time in months. Of course, this is taking into account the combined price of AMC and its preferred units that trade under the ticker symbol APE. APE’s price dropped to its lowest levels since going public after falling by a further 14% to close the day at $2.90. 

Meme stocks were down nearly across the board on Thursday as the sector lost momentum following the earnings report from Bed Bath & Beyond (BBBY). The company reported a wider than expected loss for the quarter on a 28% drop in sales. Shares of BBBY fell by 4.2%, while GameStop (GME) also fell in sympathy by 6.8% on Thursday. 

AMC 5-minute chart

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