- NYSE: AMC trimmed part of its Monday's losses, up 1.64% on Tuesday.
- AMC is looking bearish ahead of its Q1 earnings next week.
- A slow weekend at the box office ahead of Doctor Strange’s release.
Update: NYSE AMC Entertainment found fresh bids once again near the $14.60 region on Tuesday, staging a decent comeback. The entertainment company rebounded 1.64% to settle Tuesday at $15.51, having briefly recaptured the $16 threshold. The upbeat market mood aided the recovery in the AMC stock, as markets remain cheerful ahead of the expected 50 bps rate hike by the Fed. The US central bank is also likely to begin squeezing its balance sheet.
NYSE: AMC started off May in the same way it closed out April: in the red. The popular meme stock fell lower for the fourth straight session, even as the broader markets rallied to start the week. Shares of AMC fell by 0.26% and closed the trading day at $15.26. After the worst month for the NASDAQ since 2008, all three major averages posted a positive session on Monday. The Dow Jones added 84 basis points, the S&P 500 bounced off its 2022 low point and gained 0.57%, while the NASDAQ led the way higher with a 1.63% rise during the session.
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Last week AMC announced that it will be holding its 2022 Q1 earnings call next Monday. Last quarter saw a surprise boost to AMC’s stock as the company reported its strongest fiscal quarter in over two years. While the business might be getting stronger as the world continues to re-open from the pandemic, the stock itself is deep in bearish territory. AMC is trading well below both of its 50-day and 200-day moving averages, and is down more than 42% year to date.
AMC stock forecast
It was another slow weekend at the box office as the Universal animated film, The Bad Guys, took home top spot once again with a meager $16 million. This should change for AMC next weekend as the much anticipated debut of Doctor Strange 2 will hit theaters. Last month presale tickets for the next Marvel film crashed several sites including AMC’s. It is anticipated to be one of the highest grossing films so far this year and could potentially challenge the Batman as the top ticket seller in 2022.
Previous updates
Update: NYSE AMC Entertainment edged 1.64% higher on Tuesday, ending the day at $15.51 per share. Global stocks managed to post gains as investors temporarily set aside growth-related concerns, instead focusing on central banks' decisions. US indexes shed some ground ahead of the close but anyway settled in the green. The NYSE Composite managed to add 102 points, while the Dow Jones Industrial Average was the worst performer, up a modest 0.20%.
Market players are now waiting for the US Federal Reserve monetary policy decision. The central bank is expected to hike the main rate on Wednesday, and a 50 bps hike is on the table. Additionally, US policymakers will likely unveil details on the balance sheet reduction. Such announcements have been long anticipated to prevent volatile reactions in financial markets and stocks may end up rising should the Fed comes with a less-than-anticipated aggressive stance.
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