- NYSE:AMC gained 1.05% during Friday’s trading session.
- CEO Adam Aron reveals some new innovations that have investors excited.
- Domestic movie ticket sales are plummeting by the week.
NYSE:AMC is attempting to put its awful month of September in the rear-view mirror and turn things around to start the fourth quarter. Shares of AMC gained 1.05% on Friday, and closed the first trading session of the month at $38.46. The broader markets also seemed to want to end a forgettable September that saw all three major indices pull back, with the S&P 500 having its worst month since March of 2020. U.S. markets surged on Friday as Wall Street kicked off the final quarter of 2021 in style. It remains to be seen if the bullishness will continue, but the fourth quarter has historically been a lucrative one for the stock market.
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AMC CEO Adam Aron had shareholders talking on Friday after he made a couple of announcements late on Thursday. First, AMC is paying off $35 million in debt, which is great for the business in the long-term but not exactly stock moving news. After that he announced what he calls new innovations that AMC was cooking up for the rest of 2021. These include showing musicals, live sports events from the UFC and WWE, as well reiterating a previous announcement that AMC will now allow the purchase of tickets with cryptocurrencies.
AMC stock price forecast
Another report from earlier in the week reported that domestic theater sales are tumbling by the week. In the matter of just a few weeks, ticket sales have plunged to a third of what they were during the summer months. AMC is counting on a slew of blockbuster releases in the fall, as well as offering promotions for cheaper movies and buy one get one free tickets for shareholders.
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