Entertainment
AMC Entertainment jumps after the report. Has the show just begun?

AMC Entertainment (CMA) – Get the AMC Entertainment Holdings Inc. Class A Report. Shares began trading up 12% on Friday, in part because the broader stock market opened lower after July’s stronger-than-expected jobs report.
But the cinema chain’s revenue was the main culprit. The company released a better-than-expected report, but still posted a loss of 20 cents per share. Revenue of $1.16 billion was essentially in line with expectations.
And the company’s special dividend made headlines. The Leawood, Kansas company said it paid out one unit of AMC preferred stock — called Ape units — for each Class A common stock.
AMC is seeking to list the preferred shares on the New York Stock Exchange under the symbol APE. The symbol is a nod to retail investors who follow the stock and call themselves “monkeys”.
AMC’s increased stock could give video game retailer GameStop a boost (EMG) – Get the GameStop Corporation reportwhich turned positive that day, while another short-term favorite, home goods retailer Bed Bath & Beyond (BBBY) – Get the report from Bed Bath & Beyond Inc. is up nearly 30%.
So, is the AMC Entertainment show just getting started?
AMC stock trading
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AMC stock puts up an impressive trading session. Stocks pulled back to the 10-day moving average and immediately started to rally. Not only that: they also traded up to the July high, keeping a monthly rotation in play.
Now, however, stocks are facing a significant level. If AMC stock can close above $19.75, it sits above the 10-month moving average, channel resistance, and yesterday’s high.
If the stock can do this, AMC could potentially climb towards the $22 level.
To achieve this, it will also have to clear the 200-day moving average. If possible, the $22 level has the monthly measure of VWAP and the 50% retracement. Above it opens the door to $25.
While some fundamental investors may be bothered by the company’s “Ape shares” or believe the stock is overvalued, it’s hard to deny the bullish price action right now.
On the other hand, keep an eye out for the $19.11 and $18.37 levels. Loss of these levels would place AMC stock below the 10-month moving average and channel resistance, as well as the July high and the 38.2% retracement.
From a technical standpoint, this would be a major blow to the bulls, although AMC will still be above the $16.50 post-earnings low and the 10-day moving average.
If he loses those marks, $15 and 50 days may be next.
Sources 2/ https://www.thestreet.com/investing/amc-entertainment-jumps-after-report-is-the-show-just-getting-started The mention sources can contact us to remove/changing this article |
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