AMC Stock Price: AMC Entertainment rises despite market sell off to close the week
- NYSE: AMC gained 1.18% during Friday’s trading session.
- Disney’s recent earnings success might be bad news for AMC.
- AMC is hoping to attract moviegoers by playing the Best Picture candidates.
NYSE: AMC continued its unpredictable path on Friday, as the stock rose higher despite a global market sell off to end the week. Shares of AMC gained 1.18% and closed the trading week at $18.81. Markets took a dive midday as fears of an impending attack on Ukraine by Russian forces dominated the headlines. All three major indices crashed into the close, as the NASDAQ dropped by a further 2.78%, the S&P 500 fell by 1.90%, and the Dow Jones lost 503 basis points during the session.
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Even as the end to the pandemic is seemingly within reach, AMC and other theater operators continue to struggle to sell tickets. Part of this was likely revealed during the recent Walt Disney (NYSE: DIS) earnings call, when the House that Mickey built reported a record 129.8 million Disney+ subscribers. The problem for AMC is that movies that will eventually be released to Disney+, like the recent hit Encanto, are getting much more viewers at home than in theaters. Encanto is the fastest Disney film to reach 200 million hours watched on the platform, and every time a user watches it at home, it takes revenues out of AMC’s pockets.
AMC stock forecast
AMC is looking to attract a wider and more diverse audience to its theaters as it shows six of the seven films nominated for the Best Picture Academy Award. This is a part of AMC’s Artisan Films program which has played the Best Picture nominees for the past fifteen years. These films will be played at select AMC theaters from March 18th to March 27th around the country.
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