AMC Entertainment tumbles as company debuts APE shares

AMC Entertainment tumbles as company debuts APE shares

  • NYSE:AMC fell by 41.95% during Monday’s trading session.
  • AMC’s new preferred shares began trading under the ticker symbol APE.
  • AMC rival Cineworld prepares to file for Chapter 11 bankruptcy.

NYSE:AMC had its worst trading day in years as the meme stock began trading its preferred APE shares on the NYSE. On Monday, shares of AMC tumbled by 41.95% and closed the trading session at a price of $10.46. Stocks also started the week on the back foot as all three major indices plummeted ahead of the key Fed meeting at Jackson Hole, Wyoming later this week. Overall it was the worst trading day since June for the broader markets. The Dow Jones lost 643 basis points, the S&P 500 dropped by 2.14%, and the NASDAQ tumbled by 2.55% during the session.

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While many believe that AMC’s issuance of new preferred shares is just a long way of further diluting its stock, nobody could prepare Apes for how much AMC’s stock would fall on Monday. With AMC falling by 41.95% and the new Ape (NYSE:APE) shares also dropping by 13.67%, meme stock traders were down bad to start the week. This negativity hit other meme stocks as well with GameStop (NYSE:GME) and Bed Bath and Beyond (NASDAQ:BBBY) slumping by 5.32% and 16.23% respectively during Monday’s session.

AMC stock forecast

AMC Stock

Another thing hitting AMC’s stock on Monday? The owner of Regal Cinemas, Cineworld (LON:CINE) is taking further steps to prepare for Chapter 11 bankruptcy. The UK-based company saw its stock fall a further 20.47% on Monday after revealing last week that its bankruptcy was likely imminent. Obviously this is disappointing news for other movie theater chains like AMC, and the news definitely put more selling pressure on AMC’s stock.

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