AMC: AMC Shares Scrape Record Bottom Below $7 After Disney’s Wish Debut Flops

The meme stock has erased a massive 78% chunk of its valuation this year as the company has struggled to attract revenue.

• AMC stock AMC fell 1.5% on Monday after an underwhelming Thanksgiving weekend at the box office. Walt Disney’s latest film, Wish, flopped in its debut and came in third in the box office rankings, behind the new Hunger Games franchise and Napoleon.
• The recent decline in AMC’s shares dragged the price to a fresh record low at $6.80 a piece. As much as 78% of the movie theater chain’s valuation have been washed out this year, bringing its performance to a tragic 97% nosedive from all-time high during the meme-stock frenzy of 2021.
• AMC has been caught in a web of issues, including a pandemic lockdown, an aggressive stock sale, Hollywood strikes, and being the short-sellers’ target for its meme-stock allure. With this said, what may spark excitement down the week is the anticipated launch of Beyonce’s Renaissance World tour film, on deck for Friday.