Why AMC Stock Got Shot Down Today
In its first 10 days in theaters, Top Gun: Maverick has raked in an astounding $290 million haul and -- at least initially -- helped to lift shares of movie theater chain AMC Entertainment Holdings (NYSE: AMC) out of the dumps. Within mere hours of the fighter jet movie's take-off, shares of AMC Entertainment blasted 18% higher, but it's been all downhill since.
Since that opening day lift, in fact, AMC stock has now given back all 18% of its first-day gains. Indeed, down another 4.4% on Monday (as of 3:05 p.m. ET), it's now selling for less than it cost before Maverick debuted.
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Source Fool.com