AMC Stock Price: AMC entertainment gains as IMAX reports third quarter earnings

NYSE:AMC gained 1.35% during Thursday’s trading session.
Rival IMAX reports its earnings and an interesting partnership.
Meme stocks were back on the rise on Thursday.

Stocks Reporter FXStreet

NYSE:AMC Apes are looking ahead to next week’s earnings report from AMC, as the company tries to continue its recovery following the COVID-19 pandemic. Shares of AMC gained 1.35% during Thursday’s session and closed the trading day at $35.23. With the move higher, AMC has recaptured the key 200-day moving average, which indicates that the stock has been trending higher in the long-term, despite a rocky month of September. AMC moved higher alongside the broader markets, as all three major U.S. indices closed Thursday in the green following a bearish day on Wednesday. The markets could be in for a rude awakening on Friday, as Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) missed consensus estimates during their earnings calls after the closing bell.

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One of AMC’s rivals, IMAX (NYSE:IMAX) reported its earnings on Thursday and saw a 52% year-over-year rise in quarterly revenues. This indicates that moviegoers are flocking back to theaters despite the ongoing threat of COVID-19. IMAX also reported that it is inactive negotiations with leading streaming platforms to feature exclusive content and movies at IMAX theaters. This could be one way that theaters attract customers back after the pandemic, although given the choice to stream at home, it may not be as lucrative as IMAX believes it to be.

AMC stock forecast

AMC wasn’t the only meme stock on the rise on Thursday. GameStop (NYSE:GME), ContextLogic (NASDAQ:WISH), Vinco Ventures (NASDAQ:BBIG), and Camber Energy Inc (NYSEAMERICAN:CEI) all finished the session in the green. As did Trump-related meme stocks Digital World Acquisition Corp (NASDAQ:DWAC) and Phunware, Inc. (NASDAQ:PHUN), gaining 12.13% and 0.21% respectively

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Stocks Reporter

FXStreet

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