- NYSE:AMC fell by 0.97% on Wednesday and lagged other meme stocks during the session.
- CEO Adam Aron clarifies which cryptocurrencies AMC will accept.
- High profile Hollywood directors are demanding longer theatrical windows.
NYSE:AMC had a mostly flat day on Wednesday despite the broader meme stock sector advancing on no major news. Shares of AMC fell by 0.97% during the session, and closed the day at $46.84. AMC lagged the broader markets which saw all three major indices close the session in the green. Meme stocks were mostly on the rise on Wednesday, as GameStop (NYSE:GME) and Palantir (NYSE:PLTR) gained 2.65% and 3.12% respectively. AMC has been unable to capitalize on a busy weekend at the box office, and the stock is now trading lower this week despite a surge on Monday to start the week.
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AMC CEO Adam Aron revealed the company’s plans for accepting cryptocurrencies at its locations by the end of 2021. AMC joins a long list of companies that have adopted cryptos as payment. Aron went on to confirm that the major tokens will be accepted including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. It is interesting to note that despite being a retail investor favorite, AMC is refusing to accept Dogecoin at its ticket booths and concession stands.
AMC Entertainment Holdings stock
AMC investors will be happy to learn that some prominent Hollywood directors are actually fighting for longer theatrical windows for their movies. Christopher Nolan, who directed Dunkirk, the Dark Knight series, and Tenet, had some high demands for his upcoming movie Oppenheimer. Nolan requested a 100-day theatrical window, which far exceeds the 45-day window for Marvel’s Shang-Chi. The request was not able to be met by movie studios like Apple and Warner Brothers, but Universal was able to guarantee Nolan’s demands. The news is obviously important for companies like AMC, and it will be interesting to see if other directors adopt Nolan’s stance on longer theatrical windows.
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