The meme stock AMC has recently recorded significant losses. On Tuesday, however, the shares started to recover.
• AMC shares fall to new record low on Monday
• Loss of meme status for the cinema chain
• Significant gains on Tuesday
Loss of meme status: record low on Monday
The meme stock has suffered some losses recently. On Monday, the AMC shares of the US cinema chain, which are traded on the NYSE, again suffered significant losses. During the day it even fell to a record low of $3.60. At the end of the day, the company’s shares fell 8.5 percent lower to $3.67, marking their largest daily percentage decline since January 3, when the shares fell 8.7 percent. The background to the recent declines is the cinema chain’s loss of meme status, as MarketWatch explains. Recently, the chain’s shares hit several record lows, a stark contrast to the heady days of the meme stock frenzy. According to Dow Jones Market Data, the company’s shares reached an all-time high of $339.05 on June 2, 2021.
Last week, AMC Chief Executive Adam Aron described the recent decline in the company’s stock price as “so frustrating,” according to MarketWatch. Overall, the shares fell by 93.9 percent in the last 52 weeks. “The 2023 actor and writer strikes have devastated the box office in early 2024. Almost all I’m thinking about is rebuilding AMC,” the CEO said, according to MarketWatch.
Temporarily on a recovery course
However, on Tuesday, AMC stock bounced back from its low point. According to MarketWatch, the share was able to benefit from an overall friendly market environment and even outperform its competitors. By the close of trading, AMC shares had gained 10.90 percent to $4.07, marking their largest daily percentage gain since August. However, the gain could not be maintained in after-hours NYSE trading and the share fell again by 0.74 percent to $4.04. Things also went down on Wednesday: AMC shares listed on the NYSE temporarily lost 1.97 percent to $ 3.9897.
AMC opens books for Q4 in February
Additionally, AMC said Monday that it will report its fourth quarter and full year results ended Dec. 31, 2023, after the market close on Wednesday, Feb. 28, 2024. It remains to be seen how the results will affect the share price.
Editorial team finanzen.net
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