AMC Entertainment declines during market crash
- NYSE: AMC fell 6.55% in Thursday’s trading session.
- Hycroft Mining is soaring after reporting earnings on Wednesday after the close.
- Coinbase launches its NFT Marketplace with little fanfare.
NYSE:AMC continued its downward trajectory in 2022 as the meme stock stood no chance against the tidal wave of selling that hit markets on Thursday. AMC shares fell another 6.55% and closed the session bloody at $14.69. The meme stock has now lost 28% in the last month of trading and 45% since the start of the year. There were few celebrations on Wall Street for Cinco de Mayo as the markets had their worst day of the year and one of the worst since March 2020. The Dow Jones fell 1,063 basis points, while that the S&P 500 and NASDAQ lost 3.56% and 4.99% respectively during the session.
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AMC’s recent investment in Hycroft Mining (NASDAQ:HYMC) has yet to pay dividends for the company. On Wednesday after the close, Hycroft announced its first quarter results and on Thursday, shares of the miner rose 15.0%. Investors rejoiced that AMC’s investment in Hycroft enabled the mining company to reduce debt and even launch a new exploration program. The company also revealed that it was preparing to launch a drilling program to optimize the potential production of its mine.
AMC Stock Forecast
The AMC GameStop (NYSE:GME) running mate will be looking to launch its NFT Marketplace at some point in the near future. This has been one of the main catalysts for the company’s ongoing digital transformation. Earlier this week, Coinbase (NASDAQ:COIN) launched the beta version of its NFT Marketplace and the initial fanfare was non-existent. Reports suggest that only 150 members signed up for the marketplace during what was a very disappointing launch. If this indicates how GameStop’s launch will go, we could see a further drop in GameStop’s stock.
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