- NYSE: AMC continued to rise on Thursday amid Wall Street’s recovery.
- Even stocks rise without much news during trading on Wednesday.
- The box office is gearing up for this year’s next blockbuster: Top Gun: Maverick.
Update: Wall Street’s risk appetite returned on Thursday, thanks to better-than-expected earnings for Chinese tech companies. In addition, pessimistic 1Q US GDP data and pending home sales dampened the Fed’s aggressive rate hikes, further buoying investor sentiment. AMC shares benefited from Wall Street’s recovery and jumped nearly 3% to bounce back to $12, extending the recovery into a second straight trading day. AMC’s share price rose to $12.86 and then dropped to $12.23.
NYSE: AMC had a nice bounce on Wednesday, just when stocks looked set to drop to single digits and 52-week lows. AMC shares soared 14.34% to close the trading session at $11.88. It was the biggest one-time gain AMC has seen in recent weeks and is a prime example of the daily volatility associated with meme stocks. Part of the momentum was likely due to broader buying pressure that has spilled over into all three major indices since the release of the May FOMC minutes. The Dow Jones added 191 basis points, while the S&P 500 and NASDAQ rose 0.95% and 1.51% respectively during the session.
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AMC wasn’t the only meme stock to exhibit unusual behavior on Wednesday, as GameStop (NYSE:GME) shares jumped 29.19%. There wasn’t much news from either company, although both tickers were trending on social media and trading volume was higher than normal as a result. GameStop’s recent release of its non-custodial NFT cryptocurrency and wallet had little effect on stocks, so Wednesday’s surge is peculiar.
AMC stock forecast
Perhaps in the case of AMC, investors were also optimistic about the next Hollywood blockbuster hitting the silver screen this weekend. The long-awaited sequel to Top Gun, released in 1986, will hit US theaters and is already expected to surpass that year’s highest-grossing film, Doctor Strange in the Multiverse of Madness. Top Gun: Maverick is expected to make between $98 million and $125 million domestically on its opening weekend.
Update: AMC shares gained about 3% on Thursday, cutting some of their early gains but still closing in the red at $12.23 per share. Wall Street showed a significant increase, continuing the rally after the FOMC minutes. The Dow Jones Industrial Average added 516 points, or 1.61%, while the Nasdaq Composite added 2.68%. Finally, the S&P 500 added 92 points or 2.31%. The rally came despite disappointing US economic growth data. According to the official report, the gross domestic product contracted at an annual rate of 1.5% in the first quarter of the year, worse than the expected contraction of 1.4%.
Update: AMC shares rose 6.4% to $12.64 on Thursday. The S&P 500 rose 1.5% and the Nasdaq added 1.9%. Nothing much has happened to AMC since it took over 6.8% of the staff at National Cinemamedia a week ago. Apart from the news that the Swiss central bank recently bought shares in AMC, of course.
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