AMC Stock Price: AMC Entertainment closes below $12 as market shrugs off earnings beat

NYSE:AMC fell by 5.43% during Tuesday’s trading session.
Not even AMC’s impressive earnings beat could stop the stock from falling.
AMC CEO Adam Aron tries to rein in Apes on social media.

Stocks Reporter FXStreet

NYSE:AMC seemed like it had turned a corner on Monday when it reported a surprise earnings beat for the quarter, but on Tuesday the stock continued its way lower. Shares of AMC dropped by 5.43% and closed the trading session at $11.84. Although it was a mixed session for the broader markets, the S&P 500 and NASDAQ both managed to snap their recent losing streaks. The Dow Jones slid for the fourth straight day ahead of a key inflation report as the blue-chip index shed a further 84 basis points. The S&P 500 and NASDAQ rose by 0.25% and 0.98% respectively during the session.

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On Monday after the markets closed, AMC reported its best first quarter earnings in more than two years. The stock was up during after hours trading, but that didn’t last long into Tuesday’s session. The company managed to increase revenues and report a narrower than expected loss for the quarter, although it slightly missed on its earnings per share. It’s discouraging for investors that even after its best quarter in recent memory, the stock continued to slide below the $12.00 price level.

AMC stock forecast

During the earnings call, CEO Adam Aron pleaded with Apes to refrain from posting aggressive or threatening material on social media. AMC’s loyal retail traders or AMC Army of Apes, has been known to be fiercely defensive of the stock and company and can be rather aggressive when the value of the stock is called into question. Aron is hoping to rein in those particularly malicious Apes to help improve the portrayal of the company and its investors.

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Stocks Reporter

FXStreet

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