AMC Stock Price: Shares bounce back amidst a whipsaw session for meme stocks


  • NYSE:AMC finished the day higher by 4.63% alongside a broader market rally.

  • Lots of news in the meme stock industry as GameStop completes at-the-market offering. 

  • AMC shareholders will need to test their diamond hands as the company looks to sell up to 25 million more shares by 2022.

NYSE:AMC had another eventful day on the markets as its legions of retail supporters showed their diamond hands through a rough stretch last week. On Tuesday, AMC had a whipsaw session that saw it lose as much as 8% in the morning before closing the day up 4.63%. There wasn’t really any specific news from the company that spurred such a drastic turnaround during intraday trading, but AMC definitely could have been a sympathy play after GameStop (NYSE:GME) made its announcement. 


Stay up to speed with hot stocks' news!


That announcement was that GameStop had completed an at-the-market equity offering that managed to raise $1.13 billion. The actual offering was announced back on June 9th, but GameStop has officially reported that the offering was now closed on Tuesday. This is just another step in the right direction for new Chairman of the Board, Ryan Cohen, who is drastically attempting to transform the video game retailer into an eCommerce juggernaut for the future. GameStop shares finished the day up 10.14% and closed the session at $220.40. 

AMC stock forecast

Chart

On July 29th, AMC will hold its annual shareholder meeting at which point it is expected the company will request permission from its investors to sell a further 25 million shares. Unlike GameStop, AMC has diluted its shares immensely over the past year, now with over 500 million shares outstanding. AMC is trying to ride out the COVID-19 storm, and while vaccination rates and new cases are helping to reopen the U.S., movie attendance has still lagged pre-pandemic levels. 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Impending death cross teases bears around 1.1800 on ECB day

EUR/USD edges higher after bouncing off three-month low. Bearish pattern is underway near the key support line, Momentum line also favors sellers. Corrective pullback needs fresh monthly high to reject bearish hopes.

EUR/USD News

GBP/USD defends 1.3700 despite coronavirus, Brexit jitters

GBP/USD takes rounds to 1.3710-20 amid a quiet Asian session on Thursday. The pair reversed from February lows, marking the biggest daily gains in two weeks, on the US dollar pullback the previous day. However, the bulls seemed to have lost upside momentum of late amid a lack of major catalysts and cautious sentiment ahead of the European Central Bank (ECB) meeting.

GBP/USD News

EUR/USD: Impending death cross teases bears around 1.1800 on ECB day

EUR/USD edges higher after bouncing off three-month low. Bearish pattern is underway near the key support line, Momentum line also favors sellers. Corrective pullback needs fresh monthly high to reject bearish hopes.

EUR/USD News

Dogecoin price gains evaporate, putting a bullish DOGE outcome in doubt

Dogecoin price has been unable to overcome the determined resistance outlined by May’s descending trend line and today’s notable reversal of earlier gains suggests that DOGE will once again fail to close above the trend line.

Read more

Earnings mostly impress, bond market selloff may last, oil rises, gold slumps, Bitcoin boom

The lessons learned from the bond market should be that Wall Street needs to expect excessive volatility over the next few months as the Fed manages a taper announcement as pressure grows for them to normalize rates. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures