AMC Stock Price: AMC Entertainment falls despite new debt refinancing plan

NYSE: AMC fell by 2.87% during Monday’s trading session.
AMC reported some preliminary Q4 2021 results last week.
A new movie reigned supreme at theaters this past weekend.

Stocks Reporter FXStreet

NYSE: AMC might seem like it has reached a bottom, but let’s keep in mind that the stock is still up by 141% during the past 52-weeks. On Monday, shares of AMC dropped by 2.87% and closed the first trading session of the week at $14.91. Markets were trading mostly lower to start the week as the NASDAQ and the S&P 500 dipped by 0.58% and 0.37% respectively. Big tech stocks showed weakness on Monday as Meta Platforms (NASDAQ: FB) continued to decline, while Apple (NASDAQ: AAPL), Alphabet (NASDAQ: GOOGL) and Microsoft (NASDAQ: MSFT) all started the week on the back foot.

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AMC did see a small boost last week when it reported some preliminary results for the fourth quarter of 2021. While the official results aren’t expected until sometime in March, the early figures did manage to beat analyst’s early expectations. AMC reported revenues of $1.17 billion for the quarter compared to analyst estimates of $1.09 billion, while adjusted EBITDA nearly doubled expectations. AMC also announced a new debt refinancing plan where it secured $950 million to help buy them some time in paying back the principle of their loans. Despite these two positive notes, shares of AMC still erased it’s gains from last week and extended its recent downtrend.

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There was a new film from an old franchise that took the top spot at box offices around the country this weekend. Jackass Forever was the top seller this weekend with over $23.5 million in ticket sales during its debut. The film knocked off the sci-fi movie Moonfall which tumbled down the rankings. In other box office news, some industry experts believe that Spider Man: No Way Home would have easily made $2 billion already had the film been released in China as well.

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Stocks Reporter

FXStreet

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