Wednesday, April 24, 2024

AMC Theaters Stock Drops Like Rock Despite Taylor Swift Ticket Sales: Down $5 in 24 Hours

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It’s been a miserable 24 hours for AMC Entertainment.

Since yesterday at this time, the stock price has dropped 5 bucks to an all time low of $8.30.

On August 14th the price was $52.70. That day it dropped $18.

This is despite a booming summer with Barbenheimer– “Barbie” and “Oppenheimer.”

This is all despite their unique deal for Taylor Swift’s Eras Tour movie which is sold out and looks to make $100 million on its opening weekend.

The drop — to its lowest point ever — comes because AMC announced plans to sell up to 40 million common shares today. The company said it will use the proceeds in part to bolster liquidity and pay down debt.

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.
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