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.

Author

Stocks Reporter

FXStreet

AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

The AUD/USD pair gathers strength to near 0.7035 during the Asian trading hours on Friday. The Australian Dollar edges higher against the US Dollar as hotter Australian CPI inflation data has bolstered expectations of Reserve Bank of Australia rate hikes.

USD/JPY meets support near 157.00

USD/JPY retreats for the third consecutive day on Friday, revisiting the 157.00 region before attempting some recovery as investors continue to assess the latest BoJ meeting, where the central bank left rates unchanged, as widely anticipated.

Gold sinks to fresh yearly lows despite risk-off mood as Fed rate hike bets weigh

Gold slips to fresh year-to-date lows on Friday. The metal struggles despite a risk-off mood across markets, as expectations of further Federal Reserve (Fed) interest rate hikes continue to dominate price action, leaving Gold on track to end the month in negative territory.

Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.

BoJ recap: A pause for now... but Japan has entered a new inflation phase

The Bank of Japan left its short-term policy rate unchanged at 1.25% but delivered a distinctly hawkish message on the risk of an inflation overshoot. The decision passed by 8-1, with board member Takata dissenting in favour of an increase to 1.5%, while Governor Kazuo Ueda stressed that the Bank would continue adjusting policy as needed.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.