- NYSE:AMC fell by 2.76% during Wednesday’s trading session.
- AMC attempts to save face with shareholders by handing out NFTs.
- GameStop nears double digits for the first time since before the short squeeze event.
NYSE:AMC continues to lose ground as any credibility that was made during the short squeezes last year has long eroded. On Wednesday, shares of AMC fell by a further 2.76% and closed the trading session at $18.32. It was another frustrating day for traders as all three major indices were back in the red by the closing bell. The NASDAQ led the way once again with a loss of 1.15% as the tech-heavy index is now 10% off of its all-time highs that were set as recently as November. The Dow Jones fell by 339 basis points and the S&P 500 fell by 0.97% as the bleak start to earnings season continued for the US markets.
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After AMC CEO Adam Aron sold off tens of millions of dollars in stock over the past few weeks, the company is attempting to save face with its shareholders. On Wednesday it was announced that the company would be gifting 425,000 shareholders with NFT collectibles. These may be a part of AMC’s long-term plans to be able to airdrop discounts and other gifts to their shareholders, as the company takes a small cut from every NFT transaction that is made.
AMC stock forecast
AMC’s main meme running mate, GameStop (NYSE:GME), has also been struggling since the turn of the year. Shares of GameStop nearly fell below $100 for the first time since before the short squeeze last year. GameStop has been on a rapid descent, but things escalated on Tuesday when the gaming industry was flipped on its head by the merger between Microsoft (NASDAQ:MSFT) and Activision-Blizzard.
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