AMC Stock News: AMC Entertainment drops during broad market selloff to close the week

NYSE:AMC fell by 2.75% during Thursday’s trading session.
AMC’s investment in Hycroft Mining does not make the stock a buy.
The long weekend will be a pivotal battle at the box office.

Stocks Reporter FXStreet

NYSE:AMC closed the abbreviated trading week lower as the theater chain stock gave up a further 8.53% over the past five trading days. On Thursday, shares of AMC fell by 2.75% and closed the last trading session before Easter at $18.02. US markets posted another losing week as all three major indices lost ground once again. To close the week, the Dow Jones fell by 112 basis points, the S&P 500 dropped by 1.21%, and the NASDAQ sank by 2.14%, as the major averages erased any gains made during Wednesday's session.

Stay up to speed with hot stocks' news!

Retail traders who gobbled up shares of Hycroft Mining (NASDAQ:HYCM) after AMC invested in the struggling company may be regretting their purchase. The Nevada-based mining company had fallen on hard times before AMC CEO Adam Aron bailed the firm out with a $27.9 million investment earlier this month. While it was a nice gesture from AMC, the investment might have just prolonged the inevitable for Hycroft. AMC could have likely put that money to better use in its own operations, especially after acquiring seven more theater locations earlier this week. The association with AMC does not automatically make Hycroft mining a great investment.

AMC stock price

The holiday weekends are always important for global box offices, and this weekend will see a battle between two mega franchises. Sonic the Hedgehog 2 is looking to make it consecutive weeks atop the box office charts. Debuting this weekend will be the much anticipated Fantastic Beasts 3: The Secrets of Dumbledore, the latest iteration in the Harry Potter world. Early estimates are the movie will bring in $160 million worldwide by the end of the weekend. Fantastic Beasts 3 debuted last weekend at international theaters and is launching in the US this weekend.

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

GBP/USD flirts with two-day lows near 1.3180

GBP/USD remains on the back foot in the latter part of Tuesday’s session, sliding to the sub-1.3200 area and challenging weekly lows. Cable’s decline comes as investors assess the political uncertainty in the UK, coupled with softer-than-expected UK PMI data and the better tone in the Greenback.

EUR/USD weakens below 1.1400 on stronger Dollar

EUR/USD adds to Monday’s losses and recedes below the 1.1400 support to clinch fresh 13-month lows in the latter part of Tuesday’s NA session. The pair’s marked sell-off comes on the back of the persistent move higher in th US Dollar, always propped up by rising bets of further tightening by the Fed.

Gold appears supported near $4,100 for now

Gold rapidly reverses Monday's bounce and is trading sharply lower on Tuesday. The yellow metal, however, manages well to keep business above the $4,100 mark per troy ounce despite a firmer US Dollar and expectations that the Fed will keep rates higher for longer.

Bittensor and Near Protocol Outlook: AI-linked tokens face deeper sell-off

The cryptocurrency market trades amid increasing sell-side pressure on Tuesday, reflecting a broader deterioration in sentiment and appetite for risk assets. Artificial Intelligence (AI)-linked tokens such as Bittensor (TAO) and Near Protocol (NEAR) exhibit both fundamental and technical weaknesses, trading at $217 and $1.99, respectively.

"Rearranging the deckchairs on the Titanic": UK's fiscal crisis outlasts another Prime Minister

Keir Starmer's resignation as the UK Prime Minister comes ten years after the Brexit referendum vote, a coincidence that financial markets have been quick to note. The British Pound trades around 1.3220 against the US Dollar on Thursday.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.