- NYSE:AMC gained 0.63% during Monday’s trading session.
- Meme stocks rally on Monday as momentum carries over from the previous week.
- AMC CEO Adam Aron hints that the company could be getting into the cryptocurrency business.
NYSE:AMC inched higher on Monday as the theater chain enjoyed another major debut over the weekend, this time from the movie Dune. The long-awaited science-fiction blockbuster lived up to the hype with positive reviews as well as a box office debut of $40 million. Shares of AMC gained 0.63% on Monday, and the stock closed the trading day at $36.83. It was a strong showing for the broader markets as all three major U.S. indices closed the day higher, with the S&P 500 and Dow Jones starting the week at new all-time highs.
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The meme sector was also on the rise on Monday, after an eventful end to the previous week. Shares associated with Truth Social, the social media platform backed by former President Trump surged by over 1,500% at one point on Friday. Digital World Acquisition Corp (NASDAQ:DWAC) and Phunware, Inc (NASDAQ:PHUN) were down 10.98% and 18.08% respectively on Monday. Other meme stocks were trading in the green, as GameStop (NYSE:GME), ContextLogic (NASDAQ:WISH), and Vinco Ventures (NASDAQ:BBIG) all closed the day higher.
AMC stock forecast
Just when you thought CEO Adam Aron had done it all, the retail-friendly executive announced last week that AMC could be getting involved with cryptocurrencies. While it is widely known that AMC has started to accept cryptocurrencies as payment for tickets, Aron meant that the company could be creating its own cryptocurrency token. Aron is no doubt still banking on AMC’s popularity amongst retail investors, many of whom are also actively involved in trading cryptocurrencies as well.
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