- NYSE: AMC fell by 6.58% during Fridays trading session.
- Meme stocks plummet to summarize another volatile week of trading.
- Cineworld shares fall by 60% because the company prepares for bankruptcy.
UPDATE: AMC stock has lost an impressive 39% to trade at $11 on Monday. It sure seems the meme rally lately summer has ended. Last Friday fellow meme stock Bed Bad & Beyond (BBBY) lost 40% aswell after two major shareholders dumped the stock that week. AMC’s plunging share price today employs Cineworld announced the chance of filing a Chapter 11 bankruptcy in america. In a statement to the London STOCK MARKET, Cineworld wrote, “Cineworld and Regal theaters globally are open for business as usual and continue steadily to welcome guests and members. The strategic options by which Cineworld may achieve its restructuring objectives add a possible voluntary Chapter 11 filing in the usa and associated ancillary proceedings in other jurisdictions within an orderly implementation process.” AMC will distribute new preferred units beneath the ticker APE at the marketplace close on Monday. The overall perception among experts is these APE preferred units will eventually convert into AMC common stock and therefore dilute existing shareholders.
NYSE: AMC closed out the week with just one more decline because the cinema chain amassed a 25% loss for the week. On Friday, shares of AMC dropped lower by 6.58% and closed the trading week at $18.02. Stocks fell lower on Friday as all three major averages had their worst showing of the week. Additional comments from the Fed on Friday put a damper on investors hopes for a turnaround on interest hikes. Overall, the Dow Jones dropped by 292 basis points, the S&P 500 fell by 1.29%, and the NASDAQ sank lower by 2.01% through the session.
Can we say that the meme stock rally is officially over? After GameStop (NYSE: GME) Chairman Ryan Cohen sold his stake in BBBY on Thursday, shares of the stock tumbled by 40.54% on Friday to close the week. AMC and GameStop both fell in sympathy to Bed Bath and Beyond, as did FuboTV (NYSE: FUBO) which saw an additional 8.81% loss. After being up by around 100% earlier in the week, shares of Bed Bath and Beyond closed out Fridays session down by a lot more than 26% in the last five trading sessions. It has been a prime exemplory case of the volatility involved with short squeezes.
AMC stock forecast
Shares of AMC rival Cineworld (LON: CINE) which trades on the London STOCK MARKET had a negative to say minimal. The stock fell by 58.27% on Friday because the company announced that it will be finding your way through bankruptcy. With concert halls struggling to regain pre-COVID popularity, shares of AMC also fell consequently.
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