AMC Stock Price: AMC Entertainment corrects from monthly tops on inflation woes

NYSE: AMC turns red on Thursday as US inflation hits record highs.
AMC has hired former Frito Lay executive Ellen Copaken.
Oscar nominees are out and most of them are from streaming platforms.

Stocks Reporter FXStreet

Update: NYSE: AMC shares witnessed a correction from monthly highs of $20.96, giving away all of its intraday gains to end Thursday lower by 1.85%. The hotter US inflation-led risk-off trading on Wall Street fuelled the corrective pullback in the AMC stock. Soaring inflation bolstered bets of a hefty Fed rate hike coming in for March, which spooked the investors and reduced appeal of the high-beta assets such as the equities.

NYSE: AMC extended its rebound and topped its best performance of the year on Tuesday with an even better session on Wednesday. Shares of AMC surged by 15.46% and closed the trading day at $18.97. The broader markets also extended their February ascent as all three major indices once again closed the day higher. Tech stocks continued to erase the losses from the January correction, as the NASDAQ led the way, gaining a further 2.08%. The S&P 500 climbed by 1.45%, and the Dow Jones added another 305 basis points to extend its win streak to three straight wins for the week.

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The major news that had AMC Apes excited on Wednesday came in the form of a new executive announcement from CEO Adam Aron. AMC is hiring Ellen Copaken as its new Vice President of Growth Strategy. Copaken previously served for snack company Frito Lay, as well as Hostess Brands, so needless to say, she has a long history with snack foods. While many investors look to ticket sales as a metric of how AMC is performing, the highest margin revenue the company makes is from its concession stand. The company will be looking to Copaken to increase the appeal of its concession offerings, and therefore increase AMC’s high margin revenues.

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It is a telling sign of the movie theater industry in general that nine of the top ten films that are nominated for Best Picture this year have had lackluster ticket sales at the box office. All nine of these films have made less than $37 million in sales. Perhaps even more telling is that each of the films in the Best Actor category were either released on a streaming platform simultaneously or within a week of its theatrical release. In related news, Walt Disney (NYSE:DIS) reported its earnings after the closing bell on Wednesday, and saw a new high of 129 million global Disney+ subscribers.

Update: NYSE:AMC shares shed some of their weekly gains on Thursday amid the poor performance of Wall Street. AMC is heading into the close trading at $ 18,72 per share, down 1.16% as record US inflation lifted odds for a 50 bps rate hike from the Federal Reserve in March. The Dow Jones Industrial Average is down 540 points at the time being, while the Nasdaq Composite shed over 2%.

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Stocks Reporter

FXStreet

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