- NYSE:AMC fell by 7.40% during Monday’s trading session.
- Meme stocks are in freefall during the relentless market selloff.
- Spider Man retakes top spot during a lackluster weekend for the box office.
NYSE:AMC investors cannot do much these days aside from shaking their heads and perhaps regretting not selling their shares last year. Shares of AMC fell by 7.40% on Monday and closed the tumultuous session at $16.64. The drop marks the eight consecutive trading days that AMC has fallen, and brings its total losses for 2022 to 37.25%. What else is there to say about this market? Another week, another massive sell off to start the session, before all three major indices mounted an impressive comeback to close the day in the green. The Dow gained 99 basis points despite being down by over 1,1000 during intraday trading. The NASDAQ led the way closing 0.63% despite trading nearly 5.0% lower a few hours earlier.
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Meme stocks closed the day in the red though as the late-day market rally wasn’t enough to erase all of their earlier losses. Aside from AMC, GameStop (NYSE:GME) traded as low as $86.29 before managing to climb back and finish the day at $100.15. The intraday low price marked the lowest that GameStop shares have seen since February of 2021, shortly after the initial Reddit squeeze. It was only a matter of time for these stocks. With big tech companies getting pummeled by the sell off, meme stocks with poor fundamentals hardly stood a chance in this market environment.
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To add insult to injury, the box office also had a disappointing weekend which means AMC’s ticket sales also struggled. Just one week after being unseated by Scream 5, Spider Man: No Way Home returned to the top spot at global box offices. Spider Man only brought in a total of $14.1 million in ticket sales, which shows just how slow business was this past weekend.
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