- NYSE:AMC fell by 4.49% during Friday’s trading session.
- APE and other meme stocks tumble as well as selling pressure intensifies.
- Dragon Ball seems to be taking the top spot at domestic box offices so far this weekend.
NYSE:AMC closed out a volatile week of trading following the debut of its APE Preferred Shares on Monday. On Friday, shares of AMC tumbled lower by 4.49% and closed the trading week at a price of $9.14. The markets were in free fall after Fed Chair Jerome Powell gave his annual speech from the Jackson Hole Symposium. Powell noted that there could be more pain ahead as the Fed continues on with its hawkish stance on lowering inflation. Overall, the Dow Jones sank by 1,008 basis points, the S&P 500 dropped by 3.37%, and the NASDAQ plummeted by 3.94% during the session.
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Friday’s sell off hit the meme stock sector hard as well. Not only did AMC fall lower but its APE preferred shares (NYSE:APE) also plummeted by 4.83%. The combined price of both shares is said to equal the true value of AMC’s stock right now, so after the first week of trading, the price sits at $15.64. GameStop (NYSE:GME) also fell lower on Friday with a 3.19% loss that saw the stock nearly lose the $30.00 price level. The lone bright spot for meme traders? Bed Bath and Beyond (NASDAQ:BBBY) somehow turned in a positive day as the stock rose higher by 5.94%.
AMC stock forecast
The box office looks to be heading towards another slow weekend as Dragon Ball’s latest movie sits atop the standings. Last weekend, Dragon Ball led the way with a dismal $21.1 million at the box office, fending off the movie Beast which came in second with $11.6 million. This slow end to the summer could be felt in what is historically one of AMC’s best quarters.
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