Wed. Jun 29th, 2022

  • NYSE: AMC kept advancing on Thursday, although at a slower pace.
  • Meme stocks surge on no particular news during Wednesday’s trading.
  • The box office prepares for this year’s next blockbuster: Top Gun: Maverick.

UPDATE: AMC stocks added roughly 3% on Thursday, trimming part of its early gains but still closing in the red at $12.23 per share. Wall Street posted substantial gains, extending its post-FOMC Minutes rally. The Dow Jones Industrial Average added 516 points or 1.61%, while the Nasdaq Composite gained 2.68%. Finally, the S&P 500 added 92 points or 2.31%. The rally took place despite disappointing US growth-related data. According to the official report, the Gross Domestic Product contracted at an annualised pace of 1.5% in the first quarter of the year, worse than the 1.4% contraction expected. 

Previous update: AMC stock has advanced 6.4% to $12.64 on Thursday. The S&P 500 has moved up by 1.5%, while the Nasdaq gains 1.9%. Nothing much has happened to AMC since it took a 6.8% state in National Cinemedia one week ago. Other than the news that Switzerland’s central bank had recently purchased AMC shares, of course.

NYSE: AMC had a nice rebound on Wednesday, just when it looked like the stock would be falling back to the single digits and its 52-week lows. Shares of AMC skyrocketed by 14.34% and closed the trading session at $11.88. It was the largest single gain AMC had seen in recent weeks, and is a clear example of the day to day volatility involved with meme stocks. Part of the momentum was likely due to broader buying pressure that spread across all three major averages following the release of the May FOMC minutes. The Dow Jones gained 191 basis points, while the S&P 500 and NASDAQ rose by 0.95% and 1.51% respectively during the session.


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AMC wasn’t the only meme stock that was seeing unusual behavior on Wednesday, as GameStop (NYSE: GME) saw its shares jump by 29.19%. There wasn’t any particular news from either company, although both ticker symbols were trending on social media, and as a result saw higher trading volume than usual. GameStop’s recent release of its non-custodial crypto and NFT wallet had little effect on the stock, so Wednesday’s surge is a peculiar one. 

AMC stock forecast

AMC

Perhaps in AMC’s case, investors were also getting bullish on the next Hollywood blockbuster to hit the silver screen this weekend. The long-awaited sequel to Top Gun which was released in 1986 will hit US theaters and it is already anticipated to knock off this year’s largest grossing film so far, Doctor Strange in the Multiverse of Madness. Top Gun: Maverick is anticipated to gross between $98 million and $125 million domestically during this opening weekend.


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