Why AMC Entertainment Is Down When the Market Is Up
Shares of AMC Entertainment (NYSE: AMC) are starting the new week just as they ended the last one: heading down. The movie theater owner's stock is down 3.8% at 11 a.m. ET on Monday on no news specific to the company and even though the Dow Jones Industrial Average is ticking higher today.
AMC's stock had jumped last week after the company announced it bought back $72.5 million worth of debt at a 31% discount, but seemingly once the reality set in that the amount was insignificant compared with its total outstanding long-term debt of $5.5 billion, AMC's stock resumed its slide.
Shares of the theater operator are now 10% below where they were before the debt repurchase was announced and stand about where they were two weeks ago.
Source Fool.com
