- NYSE:AMC fell by 4.00% on Friday, as the broader markets tumbled to close the week.
- The fallout from the GameStop squeeze continues as Roaring Kitty’s former employer is sued.
- AMC is preparing for a pent up supply of blockbusters ready to hit theaters.
NYSE:AMC investors were probably thankful that September OPEX week has finally ended, as the stock fell by nearly 15% over the past five days. On Friday, shares of AMC fell a further 4.00% to close out the session at $44.20. The markets saw red from start to finish, as all three major indices plummeted into the weekend. The meme sector did not fare much better, as GameStop (NYSE:GME) dipped by 0.73% and Vinco Ventures (NASDAQ:BBIG) fell by 6.61% during Friday’s session.
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The fallout from the initial GameStop squeeze in January continued on Friday, as the company MassMutual was sued for over $4 million by securities regulators in the state of Massachusetts. For those who are wondering, MassMutual is the former company that employed r/WallStreetBet legend Roaring Kitty, otherwise known as Keith Gill. The securities regulators sued MassMutual for not properly supervising Gill, who violated protocols by providing investing advice on Reddit. The ordeal provides another grey area between social media usage and what information or advice can be provided on those platforms.
AMC Entertainment Holdings stock
In terms of AMC’s business, movie theaters are about to get hit with a deluge of Hollywood blockbusters that had their releases delayed by COVID-19. Movies such as Dune, the latest James Bond movie No Time to Die, and the Sopranos prequel The Many Saints of Newark are all expected to hit theaters by October. The Venom sequel Let There be Carnage and a new Spider-Man movie in December highlight the superhero offerings for the rest of 2021.
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