AMC Stock Price: AMC Entertainment rises after hours after Q1 earnings beat

NYSE:AMC started the week off in the red, but a pleasant earnings report after the markets closed signalled an after hours rally for the popular meme stock. On Monday, shares of AMC dropped by 9.01% and closed the trading day at $12.52. The stock recovered in after hours trading, gaining nearly 5.0% at one point following its earnings report after the close. It was another bearish start to the week for the broader markets as all three major indices hit their lowest points of the year so far. The Dow Jones dropped by 653 basis points, while the S&P 500 and NASDAQ sank by 3.2% and 4.29% respectively during the session.

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AMC reported its Q1 earnings report after the markets closed. The company posted a narrower than expected loss during the quarter, missed on earnings, but beat on revenue estimates. CEO Adam Aron stated that it was the strongest first quarter for AMC in two years, and the string of blockbuster releases this year have been great for business. As of the end of the quarter, AMC reported that it had $1.3 billion in available liquidity.

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One of those blockbusters was Marvel’s most recent offering, Doctor Strange in the Multiverse of Madness. The film debuted in US theaters this past weekend and opened to $187 million which is the second best domestic launch of the COVID-19 era. Only two other non-Avenger Marvel movies have reached this figure, so needless to say, Doctor Strange has been a hit after Marvel’s last film, Morbius, was a flop.

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