AMC Stock Price: AMC Entertainment drops below $20 for the first time since May

NYSE:AMC fell by 8.41% during Tuesday’s trading session.
AMC tanked alongside GameStop on Tuesday after a stunning big tech buyout.
AMC hits a seven-month low as it erases any gains from the short squeeze.

Stocks Reporter FXStreet

NYSE:AMC investors are likely Screaming on Tuesday, and it’s not because they are excited about the top box office hit this past weekend. Shares of AMC tumbled by 8.41% on Tuesday and closed the tumultuous trading session at $18.84. It was a perfect storm for a bearish day on the markets as the 10-year treasury bond rate hit a two-year high, while big banks tanked their earnings causing the Dow Jones to plummet by 543 basis points. The treasury bond yields hit growth stocks once again as the NASDAQ fell by 2.60%, while the S&P 500 lost 1.84% in a bloody return following the Martin Luther King Jr. holiday in the US.

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AMC’s running mate GameStop (NYSE:GME) was also trading lower on Tuesday after a major tech acquisition shook the gaming industry. Tech giant Microsoft (NASDAQ:MSFT) acquired the game maker Activision-Blizzard for a record $68.7 billion. Microsoft announced that it would be using its acquisition to push forward into the Metaverse where digital purchases of games will be available. Of course this means retailers like GameStop will take a major hit, especially for those who have an Xbox system which makes it easier to remain within Microsoft’s ecosystem.

AMC stock forecast

AMC’s stock hit a seven-month low on Tuesday as it lost hold of the $20 price level for the first time since May of 2021. This means that over the course of the past seven months, the stock has erased any gains made in the June short squeeze that saw the stock hit an all-time high price of $72.62.

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Stocks Reporter

FXStreet

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