UPDATE: After trading somewhat higher on the open, AMC traded sideways to down on Wednesday, falling below $36. This was much better than Donald Trump-related meme stock DWAC, which is down over 6%.
- NYSE:AMC fell by 2.12% during Tuesday’s trading session.
- Trump meme stocks crash hard just days after gaining 1,500%.
- AMC is banking on a big Halloween weekend from moviegoers.
NYSE:AMC seemed like it was headed for another strong close on Tuesday, but after a late afternoon surge the stock tumbled into the closing bell. Shares of AMC ended up losing 2.12% and closed the trading day at $36.05. Stocks edged higher on Tuesday, although a sell-off on popular growth names certainly made it feel like the markets were trading lower. The S&P 500 and NASDAQ took a breather on Tuesday ahead of major earnings announcements from Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL). The Dow Jones also inched higher, but all three major indices gained less than 0.20% during an otherwise flat session.
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The meme sector had another volatile session as two of its newest constituents crashed back down to Earth. Shares of Trump-related stocks Digital World Acquisition Corp (NASDAQ:DWAC) and Phunware, Inc (NASDAQ:PHUN) fell 29% and 39% respectively on Tuesday. Other meme stocks also fell in sympathy including the main ones like ContextLogic (NASDAQ:WISH), Vinco Ventures (NASDAQ:BBIG), and Camber Energy Inc (NYSEAMERICAN:CEI). It is looking more and more like the so-called MAGA meme craze was only a two-day phenomenon.
AMC stock forecast
The Halloween season is always a popular one for moviegoers, and this year AMC is banking on the newest Halloween movie to rake in ticket sales. Halloween Kills is the latest iteration in the long-running series, and although sales took a dip over the last week, there is hope that moviegoers will come flocking back this weekend. Other horror movies which are debuting this weekend include Antlers, the Spine of the Night, and Last Night in Soho.
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