Shares of AMC Entertainment Holdings Inc. hit another record-low close Tuesday.
The stock ended Tuesday’s session at $5.04, below its previous record-low close of $5.17, which came on Jan. 5. Last week AMC’s
AMC,
stock hit a series of record lows, reflecting the demise of the movie-theater chain’s meme-stock status.
Related: AMC’s stock extends losing streak to five days, hits another record-low close
AMC shares snapped a five-day losing streak Monday but ended Tuesday’s session down more than 4%. This is a far cry from AMC’s meme-stock heyday, when the stock hit an all-time closing high of $339.05 on June 2, 2021, Dow Jones market data show, citing available data back to Dec.18, 2013.
AMC’s stock is down 85.9% in the last 52 weeks, compared with the S&P 500’s
SPX
gain of 21.4%.
Related: This is what we can expect to see from meme stocks in 2024
On Sunday, AMC Chief Executive Adam Aron expressed the movie-theater chain’s “eternal gratitude” to Taylor Swift after the singer-songwriter’s concert film, for which AMC served as the distributor, broke another record.
Variety reported Sunday that “Taylor Swift: The Eras Tour” has earned more than $261.6 million globally, making it the highest-grossing concert and documentary film in history, surpassing “Michael Jackson’s This Is It.”
Read the full article here
