- Keith Urban Spills On Nicole Kidman’s Reaction To Her AMC Ad’s Impact HuffPost
- Keith Urban Says Nicole Kidman ‘Never in a Million Years’ Expected AMC Post-Trailer Commercial to Blow Up | Video Yahoo Entertainment
- Keith Urban Says Wife Nicole Kidman Didn’t Expect Her Fan-Favorite AMC Ad to Become ‘This Cultural Thing’ PEOPLE
- Keith Urban expresses surprise over the unexpected success of Nicole Kidman’s AMC Theatres ad MEAWW
- Keith Urban Says Wife Nicole Kidman Never Expected Her AMC Ad to Become “This Cultural Thing” Yahoo Entertainment
- View Full Coverage on Google News
Tag Archives: AMC
‘The Walking Dead’ Spinoffs & ‘Interview With A Vampire’ To Resume Production As AMC Networks Strikes Significant Agreements With SAG-AFTRA – Deadline
- ‘The Walking Dead’ Spinoffs & ‘Interview With A Vampire’ To Resume Production As AMC Networks Strikes Significant Agreements With SAG-AFTRA Deadline
- ‘Walking Dead’ Spinoffs, ‘Interview With the Vampire’ Get SAG-AFTRA Agreements to Resume Production Hollywood Reporter
- ‘Daryl Dixon’ Spinoff Resumes Production on Season 2 Amid Strike TVLine
- SAG-AFTRA Allows Three AMC Shows to Resume Production, Including ‘Walking Dead’ Spinoffs Variety
- The Walking Dead U, Interview with the Vampire Can Resume Productions Bleeding Cool News
- View Full Coverage on Google News
Max Adds ‘Fear the Walking Dead,’ Six Other AMC+ Series in Two-Month Promo – Variety
- Max Adds ‘Fear the Walking Dead,’ Six Other AMC+ Series in Two-Month Promo Variety
- Max to feature AMC Networks shows like ‘Fear the Walking Dead,’ ‘Killing Eve’ this fall CNBC
- ‘Fear The Walking Dead’ & ‘A Discovery Of Witches’ To Air On Max As AMC Networks Sets Streaming “Pop-Up” With Warner Bros. Discovery Platform Deadline
- AMC to Run TV Shows on Max in New Streaming Deal Vulture
- Strange Bedfellows: Max Subscribers Will Have Access to AMC+ Programming Pajiba Entertainment News
- View Full Coverage on Google News
AMC gets “Barbenheimer” boost, but liquidity woes dog comeback – Axios
- AMC gets “Barbenheimer” boost, but liquidity woes dog comeback Axios
- AMC CEO Sees “Serious Liquidity Issues” Even As Box Office Booms; “The Dumbest Thing We Could Ever Do In This Industry Is Run Out Of Cash” Yahoo Entertainment
- AMC earnings report confirms summer blockbuster is back, ‘Barbenheimer’ drives ‘explosive’ July for theater Fox Business
- AMC Entertainment Swings to Profit on Strong Q2 Box Office TheWrap
- Why Even Summer Box Office Flops Pushed Theaters to Strong Quarterly Results Yahoo Entertainment
- View Full Coverage on Google News
Bob Odenkirk Interview: ‘Lucky Hank’ on AMC, ‘Better Call Saul’ – TVLine
- Bob Odenkirk Interview: ‘Lucky Hank’ on AMC, ‘Better Call Saul’ TVLine
- ‘Lucky Hank’ Review: Bob Odenkirk Is Unsurprisingly Great in an AMC Campus Dramedy That’s Still Figuring Itself Out Hollywood Reporter
- ‘Lucky Hank’ Stars Bob Odenkirk & Mireille Enos Thank the Teachers Who Changed Their Lives (VIDEO) TV Insider
- Bob Odenkirk returns to comedy roots with AMC’s ‘Lucky Hank’ – KION546 KION
- Bob Odenkirk Reveals the Similarities and Differences Between Saul Goodman and His New Role on ‘Lucky Hank’ Parade Magazine
- View Full Coverage on Google News
Bed Bath & Beyond jumps 50% to lead ‘nonsense’ rally in meme stocks; AMC gains 15%
A “Store Closing” banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023.
Johnny Milano | Bloomberg | Getty Images
A group of highly speculative stocks rallied double digits on Wednesday as retail investors pushed meme names up again in the new year following a dismal 2022.
Bed Bath & Beyond rallied a whopping 50% to trigger the trend in morning trading Wednesday. Shares of GameStop, the original star of 2021’s meme stock mania, climbed more than 10%. AMC Entertainment soared 18%.
Meme stocks rallying one more time
| Stock | Short interest % float | Wed. Gain | % off 52W high |
|---|---|---|---|
| Bed Bath & Beyond (BBBY) | 48.9% | 60% | -89% |
| AMC (AMC) | 21% | 15% | -78% |
| GameStop (GME) | 21% | 8% | -62% |
Source: FactSet
The rally in Bed Bath & Beyond was initially triggered by news that it would lay off more employees in an attempt to reduce costs and stay in business.
The home goods retailer told employees that it is eliminating the chief transformation officer role, which is held by Anu Gupta, on the same day it reported disappointing fiscal third-quarter results. Bed Bath & Beyond is approaching a potential bankruptcy, as its sales decline and losses grow.
“We don’t love the strength in nonsense stocks like AMC, CVNA, GME, BBBY, PRTY, etc.,” said Adam Crisafulli, founder of Vital Knowledge. “This just means people are blindly chasing.”
During early 2021, a band of retail traders joined forces on social media to bid up a slew of heavily shorted stocks, creating massive short squeezes that inflicted high pain on short sellers. These meme stocks experienced big pullbacks last year when risk sentiment shifted amid aggressive rate hikes. GameStop fell 50% in 2022, while AMC tumbled 75% and Bed Bath & Beyond plunged 82%.
While the short interest in these names has come down from its peak after the jaw-dropping episode, it still remains much higher than average.
About 48% of Bed Bath & Beyond’s float shares are sold short, compared with an average of 5% short interest in a typical U.S. stock, according to S3 Partners. For GameStop, the short interest stands at 21%, down from more than 100% at the height of the meme stock mania in 2021, according to FactSet. AMC has also 21% of shares sold short.
A short squeeze happens when a stock jumps sharply higher, it forces short sellers to buy back shares in order to limit their losses. The short covering tends to fuel the stock’s rally further.
Tesla, AMC, Southwest and others
Check out the companies making headlines before the bell:
Tesla (TSLA) – Tesla gained 1.6% in the premarket in a volatile session, following a seven-day losing streak and declines in ten of the past eleven sessions. Baird reduced its price target on Tesla to $252 per share from $316, but continues to rate the stock outperform.
AMC Entertainment (AMC) – AMC Entertainment rose 1.2% in premarket trading after CEO Adam Aron asked the movie theater chain’s board to freeze his salary. He also urged other top AMC executives to do the same.
Southwest Airlines (LUV) – Southwest Airlines fell 1.3% in premarket action as it continues to cancel flights in its struggle to return to a normal schedule. Southwest has canceled thousands of flights over the past week, following a severe winter storm, and is limiting bookings over the next few days.
Nvidia (NVDA), Micron Technology (MU) – These and other semiconductor stocks remain on watch as investors focus on an oversupply of chips. That is in sharp contrast to the global shortage during the pandemic, when demand was surging.
Apple (AAPL) – Apple is marginally higher in the premarket following its Tuesday close, which was the lowest since June 2021. Apple fell during the past three days and in eight of the past nine trading sessions.
Lyft (LYFT) – The ride-hailing company’s stock remains on watch after closing lower than $10 per share for the first time since going public in 2019. It rebounded by 1.1% in premarket trading.
Generac (GNRC) – The power equipment maker’s stock was rated buy in new coverage at Janney Montgomery Scott with a price target of $160, implying a 76% upside from current levels. Generac is the worst performer in the S&P 500 for 2022 with a 74.1% decline.
Dow falls nearly 500 points after strong data, bearish comments by David Tepper
U.S. stocks traded lower on Thursday, erasing most of their gains from their biggest rally in three weeks after a round of upbeat economic data and a warning from hedge-fund titan David Tepper that he was “leaning short” against both stocks and bonds on expectations the Federal Reserve and other central banks will continue tightening into 2023.
Positive economic news can be a negative for stocks by underlining expectations that monetary policy makers will remain aggressive in their efforts to quash inflation.
What’s happening
-
The Dow Jones Industrial Average
DJIA,
-1.51%
fell 472 points, or 1.4%, to 32,903. -
The S&P 500
SPX,
-1.99%
shed 71 points, or 1.8%, to 3,807. -
The Nasdaq Composite
COMP,
-2.84%
fell 272 points, or 2.5%, to 10,437.
A day earlier, all three major indexes recorded their best gain in three weeks as the Dow advanced 526.74 points.
What’s driving markets
Investors saw another raft of strong economic data Thursday morning, including a revised reading on third-quarter gross domestic product which showed the U.S. economy expanded more quickly than previously believed. Growth was revised up to 3.2%, up from 2.9% from the previous revision released last month.
See: Economy grew at 3.2% rate in third quarter thanks to strong consumer spending
The number of Americans who applied for unemployment benefits in the week before Christmas rose slightly to 216,000, but new filings remained low and signaled the labor market is still quite strong. Economists polled by The Wall Street Journal had forecast new claims would total 220,000 in the seven days ending Dec 17.
“Jobless claims ticking slightly up but coming in below expectations could be a sign that the Fed’s wish of a slowing labor market will have to wait until 2023. While weekly jobless claims aren’t the best indicator of the overall labor market, they have remained in a robust range these last two months suggesting the labor market remains strong and has withstood the Fed’s tightening, at least for the time being,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office, in emailed comments.
“While weekly jobless claims aren’t the best indicator of the overall labor market, they have remained in a robust range these last two months suggesting the labor market remains strong and has withstood the Fed’s tightening, at least for the time being,” he wrote. “It’s no surprise to see the market take a breather today after yesterday’s rally as investors parse through earnings data, and despite some beats this week, expectations that earnings will remain as resilient in 2023 may be overblown.”
Stocks were feeling pressure after Appaloosa Management’s Tepper shared a cautious outlook for markets based on the expectation that central bankers around the world will continue hiking interest rates.
“I would probably say I’m leaning short on the equity markets right now because the upside-downside doesn’t make sense to me when I have so many people, so many central banks, telling me what they are going to do, what they want to do, what they expect to do,” Tepper said in a CNBC interview.
Key Words: Billionaire investor David Tepper would ‘lean short’ on stock market because central banks are saying ‘what they’re going to do’
A day earlier, the Conference Board’s consumer confidence survey came in at an eight-month high, which helped stoke a rally in stocks initially spurred by strong earnings from Nike Inc. and FedEx Corp. released Tuesday evening. This optimistic outlook helped stocks clinch their best daily performance in three weeks.
Volumes are starting to dry up as the year winds down, making markets more susceptible to bigger moves. According to Dow Jones Market Data, Wednesday saw the least combined volume on major exchanges since Nov. 29.
Read: Is the stock market open on Monday after Christmas Day?
In other economic data news, the U.S. leading index fell a sharp 1% in November, suggesting that the U.S. economy is heading toward a downturn.
Many market strategists are positioned defensively as they expect stocks could tumble to fresh lows in the new year.
See: Wall Street’s stock-market forecasts for 2022 were off by the widest margin since 2008: Will next year be any different?
Katie Stockton, a technical strategist at Fairlead Strategies, warned clients in a Thursday note that they should brace for more downside ahead.
“We expect the major indices to remain firm next week, helped by oversold conditions, but would brace for more downside in January given the recent downturn,” Stockton said.
Others said the latest data and comments from Tepper have simply refocused investors on the fact that the Fed, European Central Bank and now the Bank of Japan are preparing to continue tightening monetary policy.
“Yesterday was the short covering rally, but the bottom line is the trend is still short and we’re still fighting the Fed,” said Eric Diton, president and managing director of the Wealth Alliance.
Single-stock movers
-
AMC Entertainment Holdings
AMC,
-14.91%
was down sharply after the movie theater operator announced a $110 million equity capital raise. -
Tesla Inc.
TSLA,
-8.18%
shares continued to tumble as the company has been one of the worst performers on the S&P 500 this year. -
Shares of Verizon Communications Inc.
VZ,
-0.53%
were down again on Thursday as the company heads for its worst year on record. -
Shares of CarMax Inc.
KMX,
-6.60%
tumbled after the used vehicle seller reported fiscal third-quarter profit and sales that dropped well below expectations. -
Chipmakers and suppliers of equipment and materials, including Nvidia Corp.
NVDA,
-8.60%,
Advanced Micro Devices
AMD,
-7.17%
and Applied Materials Inc.
AMAT,
-8.54%,
were lower on Thursday.
AMC says it ended talks to acquire theaters from Cineworld
Pedestrians pass a Cineworld Group Plc cinema in Aldershot, U.K., on Monday, Oct. 5, 2020.
Jason Alden | Bloomberg | Getty Images
AMC said it is no longer in talks to acquire theaters from Regal parent company Cineworld, which had filed for bankruptcy protection earlier this year.
Cineworld, which is based in the United Kingdom, had been in discussions with AMC to hand over some of its theaters after filing for Chapter 11 bankruptcy in September.
related investing news
In a filing with the Securities and Exchange Commission on Wednesday, AMC said the discussions with Cineworld lenders regarding assets in the U.S. and Europe had ended. The disclosure comes after AMC reported another quarterly loss last month despite an increase in revenue, as the theater chain spent more than it brought in.
The world’s largest movie theater company has been trying to reduce its debt loads, which were exacerbated during the pandemic when people hunkered down at home and streaming services boomed. Even as audience attendance has rebounded more recently, the disruption of movie production over the past two years has left theater operators such as AMC hurting for new releases to boost ticket sales.
The outlook for 2023 appears more promising, with a healthy slate of highly anticipated new releases.
Read the full SEC filing here.
AMC Networks CEO steps down after less than three months as network plans staff cuts
New York
CNN Business
—
AMC Networks is looking for a new CEO and plans to lay off 20% of its US workforce.
After less than three months on the job, Christina Spade stepped down from the role, the cable network announced Tuesday.
AMC said that its board of directors is “currently finalizing who it will name as a replacement, with an announcement to follow.”
“We thank Christina for her contributions to the company in her CEO role and her earlier CFO role, and we wish her well in her future endeavors,” James Dolan, AMC Networks
(AMCX) Chairman, said in a statement.
AMC did not give a reason for Spade’s abrupt departure, but the network has dealt with multiple changes in its chief executive position over the last two years.
Spade, who was named CEO on September 9, previously served as the company’s chief operating officer and chief financial officer. She took over for Matt Blank, who had been interim CEO since September 2021.
“I am honored to assume the role of CEO. I’m a fan of this company in every respect, its content, brands, and most importantly, its people and dynamic and inclusive culture,” Spade said when taking the role in September.
Blank succeeded Josh Sapan, who served as CEO for more than two decades.
Sapan led the network as it created some of the most popular and award-winning series in TV history, including “Mad Men,” “The Walking Dead” and “Breaking Bad.”
The network also said it will lay off roughly 20% of its US employees as the cable mainstay comes under heavy financial pressure from subscriber losses and consumers increasingly shifting toward streaming services.
“It was our belief that cord cutting losses would be offset by gains in streaming. This has not been the case,” AMC Networks Chairman James Dolan said in a memo to staff obtained by CNN. “We are primarily a content company and the mechanisms for the monetization of content are in disarray.”
Dolan said the result would mean significant layoffs at the network.
We have directed the executive leadership of AMC Networks to undergo significant cutbacks in operations. These will include a large-scale layoff as well as cuts to every operating area of AMC Networks,” he said.
– CNN’s Oliver Darcy and Jon Passantino contributed to this report.