- NYSE:AMC fell by 2.89% on Friday as the broader markets sold off to close July OPEX week.
- AMC is still banking on summer blockbusters to save its business, but the stock remains inflated.
- GameStop gains while other meme stocks fall as volatility continues.
NYSE:AMC briefly gave hope to the Reddit Apes on Thursday when the stock bucked an extended downward trend by gaining 7.72% during the session. On Friday, shares of AMC were back in the red after falling 2.89% to close the week at $34.96. There was much optimism following Thursday’s performance, especially when the stock surged a further 6% in after hours trading on no real news from the company. At this point it’s clear that AMC’s stock is in free fall and once again, plenty of retail investors will be left holding the bag.
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Traditionally, the summer blockbuster season has been the most profitable time of year for movie theaters, but even strong premieres from Black Widow and F9 couldn’t salvage AMC’s stock. While there are some much anticipated titles coming down the pipe, investors may finally be realizing that even with record sales numbers, AMC’s current valuation is difficult to justify, especially for a company that carries as much debt as it does.
AMC stock forecast
Unlike AMC, GameStop (NYSE:GME) unexpectedly continued its winning streak from Thursday as the original lead meme stock added 1.34% to close the trading session at $169.04. Elsewhere, other meme stocks continued to decline as ContextLogic (NASDAQ:WISH) tumbled 8.13% on Friday, as the stock has now lost nearly 20% of its value this week alone. To say the short squeeze attempt by Reddit has fizzled out is an understatement, and as much as these stocks are mentioned on social media, it’s clear that they have officially lost all momentum.
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