- NYSE: AMC kept advancing on Thursday on the Wall Street rebound.
- Meme stocks surge on no particular news during Wednesday’s trading.
- The box office prepares for this year’s next blockbuster: Top Gun: Maverick.
Update: The return of risk appetite on Wall Street on Thursday, courtesy of the better-than-expected earnings at Chinese technology companies. Additionally, downbeat US Q1 GDP and Pending Home Sales data cooled off aggressive Fed tightening bets, cheering investors’ sentiment further. AMC stocks capitalized on the Wall Street rebound and jumped nearly 3% to recapture the $12 mark, extending its recovery into the second straight trading day. The AMC share price rallied as high as $12.86 before easing to settle the day at $12.23.
NYSE: AMC had a nice rebound on Wednesday, just when it looked like the stock would be falling back to the single digits and its 52-week lows. Shares of AMC skyrocketed by 14.34% and closed the trading session at $11.88. It was the largest single gain AMC had seen in recent weeks, and is a clear example of the day to day volatility involved with meme stocks. Part of the momentum was likely due to broader buying pressure that spread across all three major averages following the release of the May FOMC minutes. The Dow Jones gained 191 basis points, while the S&P 500 and NASDAQ rose by 0.95% and 1.51% respectively during the session.
AMC wasn’t the only meme stock that was seeing unusual behavior on Wednesday, as GameStop (NYSE: GME) saw its shares jump by 29.19%. There wasn’t any particular news from either company, although both ticker symbols were trending on social media, and as a result saw higher trading volume than usual. GameStop’s recent release of its non-custodial crypto and NFT wallet had little effect on the stock, so Wednesday’s surge is a peculiar one.
AMC stock forecast
Perhaps in AMC’s case, investors were also getting bullish on the next Hollywood blockbuster to hit the silver screen this weekend. The long-awaited sequel to Top Gun which was released in 1986 will hit US theaters and it is already anticipated to knock off this year’s largest grossing film so far, Doctor Strange in the Multiverse of Madness. Top Gun: Maverick is anticipated to gross between $98 million and $125 million domestically during this opening weekend.
Update: AMC stocks added roughly 3% on Thursday, trimming part of its early gains but still closing in the red at $12.23 per share. Wall Street posted substantial gains, extending its post-FOMC Minutes rally. The Dow Jones Industrial Average added 516 points or 1.61%, while the Nasdaq Composite gained 2.68%. Finally, the S&P 500 added 92 points or 2.31%. The rally took place despite disappointing US growth-related data. According to the official report, the Gross Domestic Product contracted at an annualised pace of 1.5% in the first quarter of the year, worse than the 1.4% contraction expected.
Update: AMC stock has advanced 6.4% to $12.64 on Thursday. The S&P 500 has moved up by 1.5%, while the Nasdaq gains 1.9%. Nothing much has happened to AMC since it took a 6.8% state in National Cinemedia one week ago. Other than the news that Switzerland's central bank had recently purchased AMC shares, of course.
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