AMC Stock News: AMC Entertainment tanks as meme stocks reverse course

NYSE:AMC fell by 9.01% during Tuesday’s trading session.
The momentum from its investment into Hycroft Mining has vanished.
The Batman continues its strong box office presence as a new Marvel film flops.

Stocks Reporter FXStreet

NYSE:AMC extended its recent losses to more than 25% over the past week as the movie theater chain continues to lose the momentum it found a couple of weeks ago. On Tuesday, shares of AMC fell by a further 9.01% and closed the trading session at $21.21. Meme stocks took a turn on Tuesday as GameStop (NYSE:GME) fell by 10% and Tesla (NASDAQ:TSLA) also pulled back by 4.73%. All three major indices gave up their gains from the previous session as investors weighed comments by the Fed about continuing to raise interest rates. The Dow Jones dropped by 280 basis points while the S&P 500 and NASDAQ fell by 1.26% and 2.26% respectively during the session.

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If you thought AMC investing in a gold and silver mine was odd, it is clear that the market did too. Since that announcement, shares have fallen by over 30%, as investors try to understand AMC’s investment in Hycroft Mining (NASDAQ:HYMC). Even with over 20% of its shares in short positions once again, AMC’s stock continues to decline, as investors wait for the MOASS or Mother of All Short Squeezes to happen.

AMC stock forecast

The Batman continues to be a strong performer at global box offices as it has now surpassed $700 million in revenues since its release. The recent Marvel movie, Morbius, has not fared as well as hoped and its poor reviews from critics are likely putting its chances for a sequel at risk. Disney (NYSE:DIS) now turns to its upcoming release of the sequel to Dr. Strange for its next major hit next month.

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Stocks Reporter

FXStreet

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