AMC joins the rout of cinema stocks
AMC Entertainment Holdings
joined a rout of movie stocks on a bad day for the market at large on Monday morning. Fears over the increase in Covid-19 cases have eclipsed another positive box office opening.
AMC stock (ticker: AMC) was down 6.2% to $ 32.80 in Monday trading, wiping out losses from an intraday low of $ 31.15. Original meme stock actions
(GME) were oscillating up and down around noon EDT. AMC is also a memes stock, which means its day-to-day trading activity often has more to do with social media chats, options and momentum trading quirks, and seller activity. exposed, but its movie peers were also down on Monday, perhaps reflecting concerns about what a return of Covid-19 restrictions could mean for those companies.
(IMAX) was down 2.8% to $ 16.30 while
(CNK) was down 5.2% to $ 15.03. Actions of
(CINE.L), which owns Regal Cinemas among other chains around the world, has closed 10% of the London market.
Fears of a resurgence of Covid-19 cases ultimately seemed to scare the market at large. The S&P 500 Index was down 1.7% and the Dow Jones Industrial Average was down 821 points, or about 2.4%. Covid-19 cases have increased by 34% globally in the past two weeks, according to the New York Times.
The movement for theaters eclipsed Space Jam: a new legacy, which pulled off a nationwide opening of $ 31.7 million, according to media reports, beating the second weekend for Black Widow to $ 26.3 million. The movie is Warner Bros.’s best opening. so far this year, moving ahead of the opening in early April for Godzilla vs. Kong to $ 31.6 million.
Like its predecessor led by Michael Jordan, the new Space jam iteration featuring basketball superstar LeBron James received mostly negative reviews from critics, but gained more fans in the user scores section on the Rotten Tomatoes review aggregation site. It also handled that raw box office despite being temporarily released at no additional cost to HBO Max subscribers, like all Warner Bros. movies. 2021; Disney + charges subscribers an additional $ 30 fee for access to Black Widow before October.
If Monday’s decline continues, the recent drop in AMC stock will extend to 44% since it closed at $ 59.26 on June 18.
Write to Connor Smith at [email protected]