- NYSE: AMC fell by 9.01% during Thursday’s trading session.
- Bed Bath and Beyond tumbles as Ryan Cohen allegedly sells his stake.
- The weekend box office looks to be a battle between Dragon Ball and Beast.
NYSE: AMC extended its declines on Thursday as the meme stock rally was stopped dead in its tracks after an unexpected filing with the SEC. Shares of AMC tanked by 9.01% and closed the trading session at a price of $19.43. Stocks inched higher across the board on Thursday as all three major indices closed in the green. Investors paused earlier in the session as housing sales dropped by 6% in July signalling a recession for the housing market. Overall, the Dow Jones added 18 basis points, the S&P 500 rose by 0.23%, and the NASDAQ gained 0.21% during the session.
The miraculous short squeeze for home furnishing retailer Bed Bath and Beyond (NASDAQ: BBBY) came to a sudden halt on Thursday. This wasn’t a trading halt, rather news of an SEC filing by RC Ventures that showed an intent to sell its 10% stake in the company. The firm is owned by GameStop (NYSE: GME) Chairman Ryan Cohen, who started the short squeeze with reports of long out of the money call options on the stock. Cohen’s filing showed he is selling over 9.4 million shares of BBBY, likely capitalizing on the rapid price increase over the past couple of weeks.
AMC stock forecast
It could be another slow summer weekend at the box office for AMC. The battle for top spot is likely between the new Dragon Ball animated film or the Idris Elba led Beast. There is some fanfare surrounding Dragon Ball as it provided a sneak preview at this year’s ComiCon in San Diego, as well as the Crunchyroll Expo in San Jose. Anime movies have been known to have very loyal fans so AMC and other theater chains are hoping for a large turnout this weekend.
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