- NYSE:AMC gained 2.63% during Monday’s trading session.
- AMC does not have a catalyst like GameStop’s impending stock split.
- Sonic the Hedgehog 2 dominates at the box office this weekend.
NYSE:AMC kicked the week off by snapping its recent eight-day losing streak as the meme stock bounced higher off of its 50-day moving average price of $18.27. On Monday, shares of AMC gained 2.63% and closed the trading session at $18.72. AMC’s performance stuck out like a sore thumb in a good way on Monday, as the broader markets pulled back to start the week. All three major indices were in decline as ten-year treasury yields hit their highest levels in over three years. The Dow Jones dropped by 413 basis points and the S&P 500 and NASDAQ fell by 1.69% and 2.18% respectively during the session.
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While AMC managed to end its recent downtrend, the stock needs some help to regain any sort of bullish momentum. Unlike its running mate, GameStop (NYSE:GME), which has an impending stock split that it is seeking approval for, AMC does not have a positive catalyst on the horizon. Other major stocks that have announced stock splits include Tesla (NASDAQ:TSLA), Amazon (NASDAQ:AMZN) Alphabet (NASDAQ:GOOGL), and on Monday, Shopify (NYSE:SHOP). The recent acquisition of a 22% stake in Hycroft Mining (NASDAQ:HYMC) hasn’t yet revealed itself as having a positive impact on AMC’s stock either.
AMC stock price
t was a dominating performance at the box office and at AMC theaters over the weekend. Sonic the Hedgehog 2 debuted with over $71 million in sales domestically, and over $141 million in sales internationally. It was one of the strongest debuts in the pandemic era, behind other blockbusters like Spider Man: No Way Home and the Batman.
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