AMC Stock Price: AMC Entertainment bounces but $16 mark remains a tough nut
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UPGRADE- NYSE: AMC attempts a bounce again on Fed's less hawkish rate hike.
- AMC Apes rejoice as Melvin Capital considers starting a new fund.
- AMC prepares new collectibles and NFTs ahead of blockbuster releases.
Update: NYSE AMC Entertainment made another recovery attempt on Thursday but the $16 hurdle capped the further upside. The stock price has entered a bearish consolidative mode, although bulls found some respite from the less aggressive than expected Fed rate hike. The Wall Street indices rebounded sharply after Fed Chair Jerome Powell played down 75 bps June Fed rate hike expectations. Investors now look forward to AMC's earnings results next Monday. Upbeat expectations keep the downside limited in the movie theatre operator.
AMC stock snapped its mini three-day losing streak on Tuesday as the broader markets rose higher ahead of the much-anticipated FOMC rate hike later this month. Shares of AMC gained 1.64% and closed the trading session at $15.51. Stocks spent most of the session trying to choose a direction during another choppy day of trading. All three major indices ultimately closed higher, as investors shrugged off a leaked report that the Fed was set to announce a 0.75% rate hike. The Dow Jones edged higher by 67 basis points, while the S&P 500 and NASDAQ rose by 0.48% and 0.22% respectively during the session.
Stay up to speed with hot stocks' news!
AMC Apes were in a celebratory mood after short squeeze villain, Melvin Capital, announced that it might be unwinding its current fund to start a new one. Melvin Capital was one of the primary hedge funds that battled against retail investors during the Reddit short squeeze. AMC and its running mate GameStop (NYSE:GME) were the two battlegrounds back in January of 2021. It seems that Melvin Capital has not been able to recover from having to close out its short position in GameStop, and is looking to take steps to start fresh. Needless to say, AMC Apes are looking at this as a victory over another institutional investor.
AMC stock forecast
With the upcoming releases of Doctor Strange 2 and Top Gun: Maverick in May, AMC is putting together some more collectibles for its users. Anyone who preorders Top Gun tickets through AMC will be eligible for a limited edition NFT. It is the latest in a series of giveaways AMC has been offering in the NFT space as a way to connect with younger investors.
Previous updates
Update: Retail crowd favorite AMC Entertainment shares have opened Wednesday's trading in the red, with the popular meme stock losing close to 5% within the first hour of regular trading action on Wall Street. AMC stock is continuing its current downtrend after bears took a breather and allowed the AMC apes to have three consecutive small-gaining days. The movie theater company shares are back below $15, nearing the year-to-date low from March 14. The market is awaiting a big interest rate hike from the Federal Reserve later in the day, with a 50 basis point rise widely expected, and most high-risk stocks like AMC need some dovish words from Jerome Powell and the FOMC to stage another rally. If the Fed hawkish outlook is confirmed, AMC short sellers could have another field day.
- NYSE: AMC attempts a bounce again on Fed's less hawkish rate hike.
- AMC Apes rejoice as Melvin Capital considers starting a new fund.
- AMC prepares new collectibles and NFTs ahead of blockbuster releases.
Update: NYSE AMC Entertainment made another recovery attempt on Thursday but the $16 hurdle capped the further upside. The stock price has entered a bearish consolidative mode, although bulls found some respite from the less aggressive than expected Fed rate hike. The Wall Street indices rebounded sharply after Fed Chair Jerome Powell played down 75 bps June Fed rate hike expectations. Investors now look forward to AMC's earnings results next Monday. Upbeat expectations keep the downside limited in the movie theatre operator.
AMC stock snapped its mini three-day losing streak on Tuesday as the broader markets rose higher ahead of the much-anticipated FOMC rate hike later this month. Shares of AMC gained 1.64% and closed the trading session at $15.51. Stocks spent most of the session trying to choose a direction during another choppy day of trading. All three major indices ultimately closed higher, as investors shrugged off a leaked report that the Fed was set to announce a 0.75% rate hike. The Dow Jones edged higher by 67 basis points, while the S&P 500 and NASDAQ rose by 0.48% and 0.22% respectively during the session.
Stay up to speed with hot stocks' news!
AMC Apes were in a celebratory mood after short squeeze villain, Melvin Capital, announced that it might be unwinding its current fund to start a new one. Melvin Capital was one of the primary hedge funds that battled against retail investors during the Reddit short squeeze. AMC and its running mate GameStop (NYSE:GME) were the two battlegrounds back in January of 2021. It seems that Melvin Capital has not been able to recover from having to close out its short position in GameStop, and is looking to take steps to start fresh. Needless to say, AMC Apes are looking at this as a victory over another institutional investor.
AMC stock forecast
With the upcoming releases of Doctor Strange 2 and Top Gun: Maverick in May, AMC is putting together some more collectibles for its users. Anyone who preorders Top Gun tickets through AMC will be eligible for a limited edition NFT. It is the latest in a series of giveaways AMC has been offering in the NFT space as a way to connect with younger investors.
Previous updates
Update: Retail crowd favorite AMC Entertainment shares have opened Wednesday's trading in the red, with the popular meme stock losing close to 5% within the first hour of regular trading action on Wall Street. AMC stock is continuing its current downtrend after bears took a breather and allowed the AMC apes to have three consecutive small-gaining days. The movie theater company shares are back below $15, nearing the year-to-date low from March 14. The market is awaiting a big interest rate hike from the Federal Reserve later in the day, with a 50 basis point rise widely expected, and most high-risk stocks like AMC need some dovish words from Jerome Powell and the FOMC to stage another rally. If the Fed hawkish outlook is confirmed, AMC short sellers could have another field day.
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