AMC Stock Price: Will AMC Entertainment stock fall for 7th straight session?

UPDATE: AMC shares fell 0.4% to $28.41 about 90 minutes into Thursday's session. The movie theatre meme stock was up a similar amount at the open but could not hold the price  level. If AMC price stays red by the close, then this will be the seventh straight session where it lost ground.

NYSE:AMC extended its recent losing streak to six straight sessions on Wednesday, as global markets continued to see volatility on the first trading day of December. Shares of AMC hit free fall and plunged by 15.82%, closing the tumultuous session at $28.57. The stock is trading well below both its 50-day and 200-day moving averages now, and on Wednesday AMC saw its lowest closing price since May. There does not seem to be much that can stop the bleeding right now for AMC, as the company lacks any sort of market moving catalysts aside from the releases of upcoming Hollywood blockbusters during the holiday season. 

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The major news that shocked the markets on Wednesday was that the CDC has officially reported its first case of the Omicron variant in California. The discovery has major repercussions if the variant manages to spread as rapidly as it did in South Africa. AMC would likely suffer from another period of low attendance if public health authorities provide a new public health order for COVID-19 safety protocols. Unfortunately for retailers like AMC, we find ourselves without an end in sight to the ongoing pandemic. 

AMC stock forecast

In a bit of contrary news, AMC reported its busiest day for ticket sales since the pandemic started. On Monday, presales for the new Sony and Marvel film Spiderman: No Way Home began, and some domestic ticket sites crashed due to the high volume. It is one of the most anticipated films of the holiday season, although it will be interesting to see if rising cases of the Omicron variant puts a damper on the box office numbers.