- NYSE:AMC fell by 1.3% during Monday’s trading session.
- Meme stocks struggled during Monday’s rally as retail interest wanes.
- Smile takes home top spot at the box office, but ticket sales continue to struggle.
AMC Entertainment (AMC) kicked off the fourth quarter with its third straight losing day as the meme stock hit a fresh 52-week low price. On Monday, shares of AMC fell by 1.3% and closed the trading session at a price of $6.88. Stocks surged during a relief rally to start October as all three major averages jumped after a painful close to September. Last month’s performance was the worst for Wall Street since March of 2020. Overall, the Dow Jones added 768 basis points, the S&P 500 gained 2.6%, and the NASDAQ rose by 2.3% during the session.
AMC stock price
Meme stocks were mixed on Monday as they carried their struggles over from the previous month. AMC and APE preferred units both hit new 52-week low prices, and the combined value of AMC Entertainment's two equity tickers hit a price of $9.32. Bed Bath & Beyond (BBBY) also dropped by 1.6% after Goldman Sachs reiterated its Sell rating for the stock with a miniscule $2 price target. GameStop (GME) managed to post a 1.4% gain after Bitcoin and the crypto markets saw a brief rally on Monday.
Halloween month is officially here as horror movie Smle took home the top spot at the box office this past weekend with $22 million domestically and $14.5 million internationally in ticket sales. Despite this, ticket sales are still down this year even when compared to pre-pandemic years like 2019. In fact, it was the weakest third quarter at the box office since 1998, something that will likely weigh on AMC’s revenues and earnings for the quarter.
AMC 5-minute stock chart
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