- NYSE:AMC feel the heat and fell by on Tuesday amid risk aversion.
- AMC Entertainment posted the strongest quarterly results in two full years.
- The entertainment giant stock will begin accepting meme coins like DogeCoin and Shiba Inu at its theatres.
Update: After correcting as much as 2.86% on Tuesday, shares of AMC Entertainment are set to stage a solid comeback on Wednesday, as movie chain recorded ‘strongest quarterly results in two full years’. AMC posted revenues worth $1.2 billion during the holiday quarter as “Spider-Man: No Way Home” galvanized ticket sales at the company. The stock price retreated sharply from weekly highs of $19.43, tracking the broad decline on Wall Street amid escalating Russia-Ukraine conflict.
NYSE:AMC investors are likely surprised to see that the meme stock managed to gain 11.9% during the month of February. The stock has been in a downturn for the past six months or so, and in that time the stock has dropped by 56.8%. Still, the positive month is progress for the stock as investors are hopeful that it has finally managed to find a bottom. On Monday, shares of AMC gained 6.80% and closed out the month of February at $18.86. The markets were all over the map on Monday as investors monitored the Ukraine situation. The Dow Jones dropped by 166 basis points, the S&P 500 fell by 0.24%, and the NASDAQ eked out a gain of 0.41%.
Stay up to speed with hot stocks' news!
On Tuesday, AMC is set to report its earnings report for the fourth quarter of 2021. Wall Street analysts anticipate the company will report adjusted earnings of $-0.26 per share. It should be noted that even though AMC has beaten its adjusted earnings per share in two straight quarters, the stock has dropped on both occasions. This is likely due to the fact that the company has been providing a weaker forecast than what analysts are expecting.
AMC stock forecast
In other news, AMC is partnering with Bitpay to allow customers to pay with DogeCoin or Shiba Inu Token on its website and via its mobile app. The theater chain already accepts Bitcoin and Ethereum, but as of March 19th for the website and April 16th for the mobile app, users will be able to buy tickets and other memorabilia with these meme coins.
Previous updates
Update: As the market heads into the close and AMC earnings reports, shares are down 2.47%, partially recovering from early losses. Wall Street plummeted amid mounting risk aversion, the latter triggered by market's conviction that Russian President Vladimir Putin would not back up on its decision to take control over Ukraine. The world is responding by sending armour to Ukraine and putting a tough financial ban on Moscow, but there's no end at sight. AMC is expected to report total revenue of about $1.17 billion and a net loss between $194.8 million and $114.8 million.
Update: AMC is meandering alongside the $19 price mark in the first hours of Tuesday's trading. The entertainment giant shares are escaping the general sell-off seen in the US stock market at the time of writing, with the S&P 500 down about 1% and the NASDAQ also in red figures, down 0.40% after the first hour of trading. AMC is expected to release its earnings report later on Tuesday. The markets are cautious following the sixth day of the Russian invasion of Ukraine and with high-importance speeches coming from US President Joe Biden tonight at the State of the Union and from Federal Reserve chair Jerome Powell's testimony in Congress on Wednesday and Thursday.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD extends sideways grind below 1.0900
EUR/USD stays in a consolidation phase below 1.0900 following the previous week's rally. In the absence of high-tier data releases, the US Dollar stays resilient against its rivals as investors scrutinize comments from central bank officials.
Gold pulls away from record highs, holds above $2,400
Gold rose sharply at the beginning of the week on escalating geopolitical tensions and touched a new all-time high of $2,450. With market mood improving modestly, XAU/USD erases a majority of its daily gains but manages to hold above $2,400.
GBP/USD holds steady near 1.2700, Fedspeak in focus
GBP/USD fluctuates in a narrow channel near 1.2700 on the first trading day of the week. The cautious market stance helps the US Dollar hold its ground, while market participants assess remarks from central bank officials ahead of this week's key events.
Ripple stays above $0.50 on Monday as firm backs research on blockchain and quantum computing
XRP price holds steady above the $0.50 key support level and edges higher on Monday, trading at 0.5130 and rising 0.70% in the day at the time of writing.
Week ahead: Nvidia results and UK CPI falling back to target
What a week for investors. The Dow Jones reached a record high and closed last week above 40,000, for the first time ever. This is a major bullish signal even though gains for global stocks were fairly modest on Friday, and European stocks closed lower.