- NYSE:AMC fell by 3.73% during Tuesday’s trading session.
- AMC is in talks to refinance its debt after stock momentum has faded.
- GameStop closes below $100 for the first time in a year.
NYSE:AMC is in nothing short of a downward spiral right now as the lead meme stock extended its current losing streak to nine straight sessions. On Tuesday, shares of AMC fell by 3.73% and closed the day at $16.02. The stock is now down a staggering 40% since the start of the year and continues to get pummeled during the ongoing market weakness. Investors can ignore the remarkable rally that happened at the end of Monday’s session. On Tuesday, all three major indices were right back in the red, with the NASDAQ leading the way with a loss of a further 2.28%. The Dow Jones shed 66 basis points, while the S&P 500 dropped by 1.22% to close the session.
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Perhaps AMC is starting to realize that the meme momentum is coming to an end. The company is working with several parties to refinance its long-term debt which sits at more than $5 billion. This falls in line with what CEO Adam Aron announced late last year that AMC will be focusing on lowering its debt this year. Once again it seems as though Aron’s refusal to sell stock at the highs back in June might be coming back to haunt the company on its balance sheet.
AMC stock forecast
In other meme stock news, AMC’s main partner in crime has fallen to a 12-month low as it closed the session below $100. GameStop (NYSE:GME) saw its shares fall a further 0.36% on Tuesday, which was just enough to push the stock price down to $99.79. As GameStop grapples with reinventing itself through a digital transformation, shareholders seem to be losing patience just one year removed from the short squeeze.
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