- NYSE:AMC fell by 3.73% during Tuesday’s trading session.
- AMC is in talks to refinance its debt after stock momentum has faded.
- GameStop closes below $100 for the first time in a year.
NYSE:AMC is in nothing short of a downward spiral right now as the lead meme stock extended its current losing streak to nine straight sessions. On Tuesday, shares of AMC fell by 3.73% and closed the day at $16.02. The stock is now down a staggering 40% since the start of the year and continues to get pummeled during the ongoing market weakness. Investors can ignore the remarkable rally that happened at the end of Monday’s session. On Tuesday, all three major indices were right back in the red, with the NASDAQ leading the way with a loss of a further 2.28%. The Dow Jones shed 66 basis points, while the S&P 500 dropped by 1.22% to close the session.
Stay up to speed with hot stocks' news!
Perhaps AMC is starting to realize that the meme momentum is coming to an end. The company is working with several parties to refinance its long-term debt which sits at more than $5 billion. This falls in line with what CEO Adam Aron announced late last year that AMC will be focusing on lowering its debt this year. Once again it seems as though Aron’s refusal to sell stock at the highs back in June might be coming back to haunt the company on its balance sheet.
AMC stock forecast
In other meme stock news, AMC’s main partner in crime has fallen to a 12-month low as it closed the session below $100. GameStop (NYSE:GME) saw its shares fall a further 0.36% on Tuesday, which was just enough to push the stock price down to $99.79. As GameStop grapples with reinventing itself through a digital transformation, shareholders seem to be losing patience just one year removed from the short squeeze.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to gains near 1.0700, awaits key US data
EUR/USD clings to gains near the 1.0700 level in early Europe on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold closes below key $2,318 support, US GDP holds the key
Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
Meta takes a guidance slide amidst the battle between yields and earnings
Meta's disappointing outlook cast doubt on whether the market's enthusiasm for artificial intelligence. Investors now brace for significant macroeconomic challenges ahead, particularly with the release of first-quarter GDP data.