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AMC Entertainment Stock Is Moving Tuesday: What's Going On?

Benzinga ·  Jun 18 12:48

AMC Entertainment Holdings Inc (NYSE:AMC) shares are trading slightly higher Tuesday. The company on Monday said it recorded its most attended and highest grossing weekend of 2024.

What To Know: AMC announced Monday that this past weekend was its busiest of the year based on attendance and admissions revenue. The strength across AMC theaters was driven by the opening weekend of "Inside Out 2" and strong holdover from "Bad Boys: Ride or Die."

Over one million people visited AMC theaters in the United States each day last weekend. The total U.S. attendance at AMC theaters was approximately 3.8 million on Friday, Saturday and Sunday. AMC international theaters also saw strength with attendance up by double digit percentages compared to the same weekend last year.

"Once again, the moviegoing public has demonstrated that the magic of the movies and the theatrical experience is alive and powerful," said Adam Aron, chairman and CEO of AMC.

AMC and other meme stocks have seen increased attention from retail investors since GameStop Corp (NYSE:GME) trader Keith Gill, or "Roaring Kitty," made his return to social media after being silent across platforms for more than three years.

Gill has continued posting memes this week as GameStop shares have battled selling pressure. GameStop held its annual shareholder meeting on Monday after it was delayed last week due to technical issues.

GameStop CEO Ryan Cohen spoke on the company's future in an opening address to investors. He outlined plans to reduce stores and focus on profitability and emphasized that "actions speak louder than words."

Don't Miss: GameStop Shareholders Meeting Highlights: 'Actions Speak Louder Than Words,' Says CEO Ryan Cohen

AMC CEO Adam Aron also posted on X for the first time this month on Monday. Aron highlighted strong box office trends and moviegoer demand driven by recent releases and expressed optimism about the path forward for AMC.

"Only fools believe that movie theatres are dead," Aron said.

"As we look at the industry-wide box office for 2025 and 2026, knowing the movies currently slated for release, we are quite optimistic about developments for our company in the years ahead."

AMC Price Action: AMC shares were up 0.41% at $4.91 at the time of publication, according to Benzinga Pro.

Photo: Dave Dugdale from Flickr.

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