AMC Stock News: AMC Entertainment tanks as Hycroft Mining investment drops 10%

NYSE:AMC fell by 6.94% during Tuesday’s trading session.
An AMC executive joins the board of Hycroft Mining.
AMC adds to its portfolio by acquiring seven new locations in the Eastern United States.

NYSE:AMC went right back to its losing ways on Tuesday after snapping an eight-day skid during Monday’s session. Shares of AMC tumbled by 6.94% and closed the tumultuous session at $17.42. US Markets whipsawed on Tuesday after a key consumer price report showed that inflation in the economy had hit its highest levels since 1981. What started out as a market rebound, closed as another bearish session resulting in the S&P 500 and NASDAQ falling for the third straight day, by 0.34% and 0.30% respectively. The Dow Jones dropped by 87 basis points after trading higher by more than 200 basis points during the morning.

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Much to the chagrin of retail traders, it was AMC’s CFO and not CEO who was appointed to the board of directors of Hycroft Mining (NASDAQ:HYMC). Not that it really makes a difference, but CEO Adam Aron has become a cult hero for social media investors. Perhaps they were hoping that Aron could rejuvenate Hycroft the same way he has for AMC. The theater company invested in Hycroft Mining earlier this year to diversify from its cinema business and help another company that is facing bankruptcy. Shares of HYMC tumbled by 9.5% during Tuesday’s session.

AMC stock price

AMC is continuing to expand its theater portfolio and added seven new locations across Connecticut, New York, and Maryland. The acquisitions give AMC 66 new screens on the East Coast. This now gives the company a total of 950 theaters around the world with over 10,050 screens in those locations.

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