What's Going On With AMC Entertainment Stock Today？ - AMC Enter Hldgs (NYSE:AMC), Chewy (NYSE:CHWY)

Benzinga

2024-07-01 22:24

AMC Entertainment Holdings Inc (NYSE:AMC) shares are volatile on Monday. The stock appears to be being influenced by multiple developments. Here's a look at what you need to know.

　　AMC Entertainment Holdings Inc AMC shares are volatile on Monday. The stock appears to be being influenced by multiple developments. Heres a look at what you need to know.

　　What To Know:AMC is getting increased attention Monday after “Inside Out 2” saw continued success at the box office over the weekend.

　　As of Sunday, the animated feature film had generated $1.014 billion at the global box office, making it the highest-grossing film of the year, per CNBC. “Inside Out 2” also became the first film since “Barbie” to cross the $1 billion mark.

　　The box office momentum may be getting overshadowed to start the week, however, after GameStop Corp GME trader Keith Gill, also known as “Roaring Kitty,” disclosed a new stake in Chewy IncCHWY.

　　The SEC filing confirming his stake came just days after the meme stock trader posted an image of an animated dog on X, which sparked speculation that he may be interested in the stock, given the connection to GameStop through Ryan Cohen.

　　GameStop shares were down more than 6% at last check, which is likely weighing on AMC as the pair of retail darlings are considered the original meme stocks and often move together.

　　AMC shares are up approximately 10% over the last week. Reports from last week suggested the movie theater company was holding confidential talks with lenders about reducing its debt. Recent regulatory filings show that AMC had more than $2.8 billion of maturities due in 2026 as of March 31.

　　On the company's most recent earnings call, AMC CEO Adam Aronsaid the movie theater chain was working with lenders to refinance debt and aimed to do so “on attractive terms.” AMC is not due to report earnings again until early August, according to Benzinga Pro.

　　AMC Price Action:AMC shares were up 0.4% at $5 at the time of writing, according to Benzinga Pro.

　　Photo: Paul Sableman from Flickr.

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