- NYSE:AMC fell by 3.0% during Monday’s trading session.
- The new payment upgrades to AMC’s mobile app have not impressed investors.
- Fantastic Beasts 3 struggles at the box office and debuts at a franchise low.
NYSE:AMC extended its recent decline as the meme stock falls further below its 50-day moving average price and erases any gains made in the month of March. On Monday, shares of AMC fell by 3.0% and closed the trading day at $17.48. US markets were lacking direction to start the week, as a series of macroeconomic factors weighed on investors. Talk of imminent rate hikes from the Fed and the start of earnings season seemed to play a role in the volatility on Monday that led to all three major indices closing lower yet again. The Dow Jones edged lower by 39 basis points and the S&P 500 and NASDAQ dipped by 0.02% and 0.14% respectively during the session.
AMC’s recent payment upgrades for its mobile app and desktop site have not impressed investors. Last year, CEO Adam Aron polled the Apes about which cryptocurrencies they would like to have added as payment methods. Not surprisingly, retail traders voted for DogeCoin and Shiba Inu Token along with Bitcoin and Ethereum. The additional methods were added last week along with Apple Pay, Google Pay, and PayPal, but thus far it hasn’t moved the needle for the stock despite Aron once again showing he is willing to support his shareholders.
AMC stock price
Easter weekend wasn’t as successful as many in the industry thought it would be as the latest installment of the Harry Potter series had the lowest debut in franchise history. Fantastic Beasts 3 was the top film at the box office, but it only brought in a total of $43 million which narrowly edged out Sonic the Hedgehog 2 in its second week of screenings