- NYSE:AMC fell by 5.36% as the meme stock leader continued to struggle following Tuesday’s pop.
- AMC CEO Adam Aron is now officially the Chairman of the Board.
- Other meme stocks fell alongside AMC, even as the broader markets rallied.
NYSE:AMC failed yet again to gain traction following its 25% jump during Tuesday’s session. On Wednesday, shares of AMC fell by 5.36% and closed the day at $40.78. The decline in price came following an early morning spike, but the stock could not hold up throughout the session and declined into the closing bell. One positive note for investors is that AMC did find support at its 50-day moving average price. AMC investors are trying to shrug off the rising cases of the COVID-19 delta variant, which may threaten to close down theaters once again, just as they have finally reopened.
Stay up to speed with hot stocks' news!
Popular CEO Adam Aron received a new title on Wednesday, as he was named the new Chairman of the Board. The title change was the reason behind the early morning jump, although perhaps the news wasn’t as bullish as first believed which would account for declines later in the session. Chairman of the Board is the same title that Ryan Cohen holds at GameStop (NYSE:GME), although AMC Apes should not expect the type of transformation for AMC that Cohen is attempting with GameStop.
AMC stock forecast
Speaking of GameStop, shares of the video game retailer also fell by 2.81% on Wednesday, and lost support at its 21-day moving average, which is a sign that more pain could be ahead for those with diamond hands. GameStop has fallen steadily since its annual shareholder meeting back in June, and if you zoom out, the stock has declined over 60% since its all-time high prices in January.
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.
Recommended content
Editors’ Picks
EUR/USD holds losses near 1.1350 as US Dollar gains on US-China trade optimism
EUR/USD consoldiates losses near 1.1350 in European trading on Friday. Broad US Dollar resurgence on optimism surrounding the US-China trade war de-escalation keeps the he pair undermined. Trade talks and US data remain in focus.
GBP/USD stays pressured near 1.3300 after UK Retail Sales data
GBP/USD remains under moderate selling pressure near 1.3300 despite the upbeat UK Retail Sales data for March. The pair feels the heat of the solid US Dollar rebound, aided by a Bloomberg report, which indicated China may suspend its 125% tariff on select US imports.
Gold drops below $3,300 with traders buying into Trump's comments on talks with China
Gold price is seeing more profit taking this Friday, erasing all of Thursday’s gains, and looks set to close off this week in the red. The move down comes amid increasing confusion on what is the status of the trade conflict between the United States and China, with the US President giving the impression that talks are taking place and China denying it.
Ethereum: Accumulation addresses grab 1.11 million ETH as bullish momentum rises
Ethereum saw a 1% decline on Friday as sellers dominated exchange activity in the past 24 hours. Despite the recent selling, increased inflows into accumulation addresses and declining net taker volume show a gradual return of bullish momentum.
Five fundamentals for the week: Traders confront the trade war, important surveys, key Fed speech Premium
Will the US strike a trade deal with Japan? That would be positive progress. However, recent developments are not that positive, and there's only one certainty: headlines will dominate markets. Fresh US economic data is also of interest.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.