Tag: AMC Entertainment News (Page 1 of 13)

Disney CEO Says Theatres Are Big Reason He’s Optimistic

Market News Daily - Disney CEO Says Theatres Are Big Reason He's Optimistic.
Market News Daily – Disney CEO Says Theatres Are Big Reason He’s Optimistic.

Disney (NYSE:DIS) CEO Bob Iger says movie theatres are a big reason he’s optimistic about the movie business today.

“People love to be entertained in theaters around the world, and it gives us reason to be optimist about the movie business,” said the Disney CEO.

AMC Entertainment (NYSE:AMC) CEO Adam Aron, who leads the world’s largest movie theatre chain in the worlds was very pleased with Mr. Iger’s words about the movie industry.

“AMC is 100% in Bob Iger’s corner, We support him and Disney with our all,” Adam Aron said on Twitter.

Today, streaming platforms are realizing they will need the movie theatre industry to succeed in the entertainment industry.

Earlier this year, Disney announced the company was planning to lay off 7,000 employees as online streaming services tanked.

Iger says he’s “targeting $5.5 billion of cost savings across the company” and that the layoffs will “help achieve this.”

“Our priority is the enduring growth and profitability of our streaming business,” Iger says.

“Our current forecasts indicate Disney Plus will hit profitability by the end of fiscal 2024 and achieving that remains our goal.”

The Dependency for Movie Theatre Premiers is Strong

In October of 2022, AMC announced its first ever Netflix showing in 200 theatres.

Glass Onion: A Knives Out Mystery starring Daniel Craig was released in the U.S. as well as the UK, Ireland, Italy, Germany, and Spain.

CEO Adam Aron stated on Twitter that success here could lead to more Netflix (NFLX) movies at AMC.

The film earned $15 million at the box office but CNBC says the showing could have made $200 million if it had been kept in theatres longer.

The sequel to Johnson’s popular “Knives Out” opened in nearly 700 theaters, the largest release of any Netflix original film to date, 200 of which were AMC Entertainment theatres.

Unfortunately for the online streaming platform, hundreds of millions of dollars were left on the table.

Box office analysts say Glass Onion could have earned much higher earnings if Netflix had opted for a traditional wide release of 2,000 to 4,000 theaters.

CNBC stated, “Netflix has backtracked on its previous policies, including by introducing an ad-supported subscription option, leading many to wonder whether the company should rethink its resistance to the traditional Hollywood movie release model as it looks for new ways to grow revenue.

“With a traditional wide release, premium screen spread, and full marketing campaign, I think ‘Glass Onion’ could have generated at least $50 million to $60 million to lead the entire market,” said Shawn Robbins, chief analyst at BoxOffice.com.

Retail Giants Invest Billions in New Movie Theatre Titles

Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) are now contributing billions of dollars to the movie theatre industry.

Amazon Studios released its first-ever original movie debuting in theatres globally on April 5th, 2023.

AIR tells the story of the game-changing partnership between Nike and a then-rookie named Michael Jordan.

So far, Amazon Studios has four original movie titles coming out with dates still to be determined.

The world’s largest online retailer aims to make between 12 and 15 movies annually that will get a theatrical release.

The movie theatre industry will also receive an additional $1 billion per year in theatrical titles from Apple.

AMC Entertainment CEO Adam Aron has said in the past that the only challenge the theatre chain currently faces is not having enough movie titles to premier.

Apple’s investment is part of the tech company’s efforts to raise its profile in Hollywood and lure subscribers to its streaming service, Apple TV+, Bloomberg reported, citing people familiar with the matter.

Bloomberg reports that Amazon and Apple must collaborate with various studios who have the knowledge of releasing films in theatres since they cannot release films in theatres on their own yet.

Wall Street is delusional to think the movie theatre industry is dead.

But I’d love to hear what you think — leave your thoughts below.

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Market News Today - Disney CEO Says Theatres Are Big Reason He's Optimistic.
Market News Today – Disney CEO Says Theatres Are Big Reason He’s Optimistic.

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50% of AMC’s Volume is Now Trading in Dark Pools

Market News Daily - 50% of AMC's Volume is Now Trading in Dark Pools.
Market News Daily – 50% of AMC’s Volume is Now Trading in Dark Pools.

More than 50% of AMC Entertainment’s (NYSE:AMC) volume is now trading in dark pools.

New data shows that for the month of May, more than 50% of AMC shares have been trading in dark pools consistently.

Gary Gensler announced exclusively on Bloomberg that 90-95% of retail orders don’t go through the lit exchange.

The SEC Chairman says these orders are rerouted to dark pools rather than the NYSE.

Payment for order flow (PFOF) is also partly the reason why orders aren’t processed in the lit exchange.

He says retail orders go to wholesalers in an order-by-order competition.

“In the equity markets right now, if you place a market order, a retail market order, 90-95% do not go to the lit exchanges, do not go to Nasdaq or New York Stock Exchange, they go to wholesalers.

We The Investors Dave Laurer asked the SEC Chairman if dark pools suppressed the price of stock and whether retail investors could influence the price of a stock if majority of orders traded in the lit exchange.

While unsurprisingly there was no direct answer to the suppression of price, the Chairman says that with so much trading happening off-exchange, he doesn’t think it’s a leveled playing field as dark pools give institutions an “unfair advantage”.

“Retail investors as individuals don’t have the power to move the markets, but retail orders combined could have significant price impact.”

Latest AMC Dark Pool Data

Chart Exchange has reported AMC’s dark pool percentage between 49.55%-55.14% in May so far.

Market News Daily - 50% of AMC's Volume is Now Trading in Dark Pools.
Market News Daily – 50% of AMC’s Volume is Now Trading in Dark Pools.

AMC’s average daily trading volume is 33.6 million, though there are day where it trades at have its average volume.

The logic behind heavy dark pool trading is that since more than 50% is not trading in the lit exchange, then more than half of it is not reflecting true retail demand.

According to Investopedia, dark pools are intended to reduce volatility by obscuring large trades

“Dark pools allow large institutional holders to buy or sell in large volumes, without broadcasting information that could affect the wider market.

This allows them to make trades without having to explain their rationale as they look for buyers or sellers.

However, there have been instances of dark pool operators abusing their position to make unethical or illegal trades.

In 2016, Credit Suisse was fined more than $84 million for using its dark pool to trade against its clients.

Another operator, Barclay’s Capital, paid $70 million. Some have argued that dark pools have a built-in conflict of interest and should be more closely regulated.”

Latest AMC News on Franknez.com

Paul Dergarabedian, Comscore senior media analyst predicts AMC Entertainment (NYSE:AMC) revenue will soar this summer as the industry begins to take off.

Disney’s “Guardians of the Galaxy Vol. 3” exceeded box office expectations this past weekend, securing $118.4 million domestically to bring its global total to $289.3 million.

IMAX announced it grossed $25 million from the debut — the company’s biggest global opening thus far in 2023.

Those results, on top of Universal’s “The Super Mario Bros. Movie,” which surpassed $500 million domestically, adds to early momentum heading into the summer box office season.

“I think it’s going to rival the pre-pandemic levels for summer box office,” Paul Dergarabedian, Comscore senior media analyst, told Yahoo Finance.

Dergarabedian says that upcoming films like Pixar’s “Elemental,” Disney’s “The Little Mermaid,” Universal’s “Oppenheimer,” and Warner Bros. “Barbie” as just some of the many films that will drive revenue for AMC Entertainment.

“This is just a bevy of riches on the way at the multiplex,” he said.

You can read the full article here.

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Market News Today - 50% of AMC's Volume is Now Trading in Dark Pools.
Market News Today – 50% of AMC’s Volume is Now Trading in Dark Pools.

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Analyst Predicts AMC Revenue Will Soar This Summer

Market News Daily - Analyst Predicts AMC Revenue Will Soar This Summer.
Market News Daily – Analyst Predicts AMC Revenue Will Soar This Summer.

Paul Dergarabedian, Comscore senior media analyst predicts AMC Entertainment (NYSE:AMC) revenue will soar this summer as the industry begins to take off.

Disney’s “Guardians of the Galaxy Vol. 3” exceeded box office expectations this past weekend, securing $118.4 million domestically to bring its global total to $289.3 million.

IMAX announced it grossed $25 million from the debut — the company’s biggest global opening thus far in 2023.

Those results, on top of Universal’s “The Super Mario Bros. Movie,” which surpassed $500 million domestically, adds to early momentum heading into the summer box office season.

“I think it’s going to rival the pre-pandemic levels for summer box office,” Paul Dergarabedian, Comscore senior media analyst, told Yahoo Finance.

Dergarabedian says that upcoming films like Pixar’s “Elemental,” Disney’s “The Little Mermaid,” Universal’s “Oppenheimer,” and Warner Bros. “Barbie” as just some of the many films that will drive revenue for AMC Entertainment.

“This is just a bevy of riches on the way at the multiplex,” he said.

According to the latest data from Comscore, total domestic box office grosses have hit $2.85 billion so far this year, 23.3% below 2019’s $3.74 billion over that same time period.

The Movie Theatre Industry is Growing

Market News Daily – Analyst Predicts AMC Revenue Will Soar This Summer.

Dergarabedian argues that the industry is heading in the right direction with 30 more wide-release films slated for release this year compared to 2022: “More movies more often is my [mission] statement for the industry for 2023.”

Currently, the box office is on track to finish off 2023 above $9 billion.

“With moviegoers continuing to trend toward premium screens and concessions, it stands to reason that as volume normalizes, theater-level revenue could exceed pre-pandemic levels,” Wedbush analyst Alicia Reese wrote in a note following the report.

But Paul Dergarabedian isn’t the only one predicting strong growth for the movie theatre industry.

Bloomberg says experts are now projecting that ticket sales will be off about 15% from before the pandemic (with 15% less product) and just about every studio is ramping up output.

amazon and apple invest billions in movie theatre industry

Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) are also now contributing billions of dollars to the movie theatre industry.

“After years of negotiations and failed experiments, theater chains and movie studios have reached something of a truce.”

CNBC says this is a positive sign for the movie theatre industry, referring to Amazon’s new business venture.

“While a $1 billion annual investment for film development is on the lower end of what major Hollywood studios spend each year, it’s a positive sign for the movie theater business, which has struggled in the wake of the pandemic.”

Apple’s investment is part of the tech company’s efforts to raise its profile in Hollywood and lure subscribers to its streaming service, Apple TV+, Bloomberg reported, citing people familiar with the matter.

AMC CEO Addresses Movie Industry Critics

Market News Daily - Analyst Predicts AMC Revenue Will Soar This Summer.
Market News Daily – Analyst Predicts AMC Revenue Will Soar This Summer.

AMC CEO Adam Aron says “so-called ‘experts’ thinking streaming dooms movie theatres are so fundamentally incorrect.”

“So WRONG. Our problem is major studios released a lot fewer movies in 2021 & 2022 than in pre-pandemic years,” said the CEO.

Wall Street continues to push the short thesis on AMC, failing to acknowledge the fundamental growth of the company over the past two years.

AMC Entertainment beat Wall Street expectations for its first quarter results last Friday.

“Our results for the first quarter of 2023 represent AMC’s strongest first quarter in four full years.

We kicked off 2023 by continuing on our positive glide path to recovery, with more than a 21% growth in total revenues and a $69 million improvement in Adjusted EBITDA compared to the previous year.

This progress is a testament to the ongoing recovery in the industrywide box office, as well as AMC’s enduring commitment to the excellence and innovation as our guests enjoy a superb movie-going experience at our theatres,” said AMC CEO Adam Aron.

“All told, the first quarter North American box office easily surpassed 2022 by some 29%, totaling more than $1.7 billion.

The recovery in the European box office was even stronger in getting to pre-pandemic norms than that in the U.S.

As I have said for years, when our studio partners showcase their magical storytelling, there is robust demand to be realized at AMC theatres both in the U.S. and abroad.

We believe the first quarter of 2023 is just the tip of the iceberg for what’s to come in the remainder of the year.”

AMC stock is up nearly 41% this year-to-date, though heavy dark pool volume continues to suppress actual retail demand from reflecting on the lit exchange.

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Market News Today - Analyst Predicts AMC Revenue Will Soar This Summer.
Market News Today – Analyst Predicts AMC Revenue Will Soar This Summer.

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AMC Plans to Introduce New Branded Candy to Theatres

Market News Daily - AMC Plans to Introduce New Branded Candy to Theatres.
Market News Daily – AMC Plans to Introduce New Branded Candy to Theatres.

AMC Entertainment (NYSE:AMC) plans to introduce new branded candy to movie theatres.

CEO Adam Aron said the movie theater chain will start making its own candy line that will be cheaper for patrons, and for the company, given price hike by sweets manufacturers post-Covid.

“We noticed, as a result of the pandemic and supply chain shortages, that candy manufacturers had increased their prices to us by a huge amount (some by over 30%).

That got us thinking very hard about our candy, and we realized that we could manufacture a private label brand of candy to very high quality standards, price it less expensively than our current candy is priced, and have a higher profit margin,” Adam Aron said.

AMC Entertainment recently began selling AMC Perfectly Popcorn brand at over 2,000 Walmart stores.

The company also recently launched an AMC-branded Visa card, armoring up revenue streams for 2023.

Adam Aron hopes to introduce AMC candy in late 2023 or early 2024, stating the chain will still carry branded candy “for people who want it.”

AMC CEO Comments on Writers Guild Strike

The Writers Guild of America, which represents 11,500 screenwriters, went on strike on Tuesday after contract negotiations with studios, streaming services and networks failed.

“We are very sympathetic to the real problem that exists for members of the writer’s guild.

Streaming has changed the landscape of television and shaped the economics of what writers earn.

We are hopeful that the Hollywood producers and the writer’s guild can work in good faith to craft a solution that is good for all parties.”

“As far as its impact on AMC and the movie industry, if this is a short strike — I don’t mean days, I mean months – its impact will mostly be felt on television programming, because the movies for ‘23 and ‘24 have pretty much been written, in many cases they’ve already been filmed, and I think only a very prolonged writers’ strike would have a material impact,” said Adam Aron.

According to Deadline, a handful of tentpole productions are shooting overseas where there isn’t a heavy Teamsters presence, and the possibility of a shoot closing is less likely.

Furthermore, studios have either locked scripts for productions, or have gotten sign-off on not having a scribe on set.

The W.G.A. has vowed to stay on strike for as long as it takes.

Related: AMC Sues Nearly 20 Companies in New Lawsuit

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Market News Today - AMC Plans to Introduce New Branded Candy to Theatres.
Market News Today – AMC Plans to Introduce New Branded Candy to Theatres.

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AMC Sues Nearly 20 Companies in New Lawsuit

Market News Daily - AMC Sues Nearly 20 Companies in New Lawsuit.
Market News Daily – AMC Sues Nearly 20 Companies in New Lawsuit.

AMC Entertainment (NYSE:AMC) is suing nearly 20 insurance companies in a new lawsuit.

The company is claiming they’re breaching its liability policies by refusing to cover the cost of a major investor lawsuit the theater operator plans to settle for more than $100 million, per Bloomberg.

The new lawsuit followed hours after lawyers leading the shareholder case asked for $20 million in legal fees as part of the proposed settlement.

“These claims fall squarely within defendants’ coverage obligations,” meaning they’re “obligated to, among other things, pay 100% of the defense and settlement costs,” AMC said in its 35-page complaint against 17 liability insurers.

AMC’s new lawsuit stems from the dispute in Delaware’s Chancery Court with a pension fund and two other shareholders who challenged the company’s plan to convert the APE preferred units into common stock.

“The settlement—worth more than $100 million at current trading prices, according to recent court filings—would resolve claims that the APE conversion reflects a complex corporate engineering scheme aimed at unfairly sidelining ordinary shareholders.

The deal would give each owner of common stock an additional share for every 7.5 they hold,” said Bloomberg.

Vice Chancellor Morgan T. Zurn, who has received a tidal wave of stockholder letters opposing the agreement, recently scheduled a June 29 hearing to evaluate its fairness.

She has said she’s committed to issuing a full written opinion approving or rejecting the settlement, a ruling that would likely come by the end of September.

Latest AMC Lawsuit News and Updates

AMC Entertainment lawsuit news and updates.
AMC Entertainment lawsuit news and updates.

Recently, AMC CEO Adam Aron said he was seeking to file a new lawsuit against Robinhood after the trading platform had falsely reported AMC Entertainment had filed for bankruptcy.

“This company has filed for bankruptcy. This typically happens when companies are close to running out of money or have trouble repaying their outstanding debts,” Robinhood reported under ticker symbol AMC on its platform.

“What the DUCK !!!!! I am getting multiple reports that Robinhood briefly posted today that AMC filed for bankruptcy.

How can companies like Robinhood do this?

So ludicrous, so wrong, so irresponsible.

On Friday, we report Q1 earnings, and will announce our sizable cash position,” said AMC CEO Adam Aron in a statement on social media.

He later wrote:

“I am so Ducking angry about this. They are either incompetent or evil, and either is absolutely inexcusable. Obviously, there is no truth to their postings. Outrageous behavior. I have already asked our lawyers if we can sue the Dastards. #IncompetentEvil”

Robinhood responded on the AMC bankruptcy notice after investors and the CEO raised concerns about the lucrative reporting.

The following statement was released by the broker:

“On 5/1/23 at 1:45 pm ET, Robinhood experienced a technical issue leading to an incorrect banner being applied to AMC. The banner was removed at 1:48 pm ET. We apologize for this error.”

For more AMC news and updates, join the newsletter below.

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Market News Today - AMC Sues Nearly 20 Companies in New Lawsuit.
Market News Today – AMC Sues Nearly 20 Companies in New Lawsuit.

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AMC Entertainment Beats Wall Street Expectations

Market News Daily - AMC Entertainment Beats Wall Street Expectations.
Market News Daily – AMC Entertainment Beats Wall Street Expectations.

AMC Entertainment (NYSE:AMC) beat Wall Street expectations for its first quarter results on Friday.

“Our results for the first quarter of 2023 represent AMC’s strongest first quarter in four full years.

We kicked off 2023 by continuing on our positive glide path to recovery, with more than a 21% growth in total revenues and a $69 million improvement in Adjusted EBITDA compared to the previous year.

The first quarter of 2023 and fourth quarter of 2022 mark the first two consecutive quarters of EBITDA since March of 2020.

This progress is a testament to the ongoing recovery in the industrywide box office, as well as AMC’s enduring commitment to the excellence and innovation as our guests enjoy a superb movie-going experience at our theatres,” said AMC CEO Adam Aron.

“AMC Theatres across the globe welcomed nearly 48 million guests in the first quarter thanks to the continued strength of James Cameron’s AVATAR: The Way of Water, and the knockout power of first quarter releases like Marvel’s Ant-Man and The Wasp: Quantomania, Creed III, Scream VI, Shazam! Fury of The Gods and John Wick Chapter 4.

All told, the first quarter North American box office easily surpassed 2022 by some 29%, totaling more than $1.7 billion.

The recovery in the European box office was even stronger in getting to pre-pandemic norms than that in the U.S.

As I have said for years, when our studio partners showcase their magical storytelling, there is robust demand to be realized at AMC theatres both in the U.S. and abroad.

We believe the first quarter of 2023 is just the tip of the iceberg for what’s to come in the remainder of the year.”

AMC Entertainment Q1 Results

Market News Today - AMC Entertainment Beats Wall Street Expectations.
Market News Today – AMC Entertainment Beats Wall Street Expectations.

Revenue for the quarter was $954.4 million, compared with analysts’ expectation of $948.5 million, according to Refinitiv IBES data.

Summary First Quarter 2023 Compared to First Quarter 2022:

  • Total revenues grew 21.5% to $954.4 million.
  • Net loss improved by $101.9 million to $235.5 million.
  • Adjusted net loss was $179.7 million compared to an adjusted net loss of $266.3 million.
  • Diluted loss per share was $0.17 compared to a diluted loss per share of $0.33.
  • Adjusted diluted loss per share was $0.13 compared to an adjusted diluted loss per share of $0.26.
  • Adjusted EBITDA improved by $68.8 million to $7.1 million.
  • Net cash used in operating activities for the quarter was $189.9 million.
  • Non-GAAP Operating Cash Burn1
    for the quarter was $139.4 million compared to $223.9 million.
  • Available liquidity at March 31, 2023 was $703.7 million, including $208.1 million of undrawn capacity under the
    Company’s revolving credit facility.
AMC Q1 2023 Earnings
AMC Q1 2023 Earnings – AMC earnings report 2023.

“During the first quarter of 2023, we continued to strengthen our balance sheet by raising more than $155 million of cash through the sale of APE units, and by reducing the principal balance of our debt by more than $200 million in repurchasing debt or exchanging APE units for debt.

Our optimism about a clearly increasing industrywide box office notwithstanding, we have been very transparent that it will take a few more years for the industry box office to return near to pre-pandemic levels, and our ability to raise additional capital during this extended recovery period will be a crucial component of our success.

We will continue our fight to preserve our agility and to remain on our recovery trajectory, as we work hard to position AMC for long-term success.”

Related: AMC CEO Seeks to File New Lawsuit Against Robinhood

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Market News Today - AMC Entertainment Beats Wall Street Expectations.
Market News Today – AMC Entertainment Beats Wall Street Expectations.

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AMC CEO Seeks to File New Lawsuit Against Robinhood

Market News Daily - AMC CEO Seeks to File New Lawsuit Against Robinhood.
Market News Daily – AMC CEO Seeks to File New Lawsuit Against Robinhood.

AMC Entertainment (NYSE:AMC) CEO Adam Aron is seeking to file a new lawsuit against trading platform Robinhood (NASDAQ:HOOD).

Robinhood on Monday reported AMC Entertainment had filed for bankruptcy stating the following:

“This company has filed for bankruptcy. This typically happens when companies are close to running out of money or have trouble repaying their outstanding debts.”

“What the DUCK !!!!! I am getting multiple reports that Robinhood briefly posted today that AMC filed for bankruptcy.

How can companies like Robinhood do this?

So ludicrous, so wrong, so irresponsible.

On Friday, we report Q1 earnings, and will announce our sizable cash position,” said AMC CEO Adam Aron in a statement on social media.

He later wrote:

“I am so Ducking angry about this. They are either incompetent or evil, and either is absolutely inexcusable. Obviously, there is no truth to their postings. Outrageous behavior. I have already asked our lawyers if we can sue the Dastards. #IncompetentEvil”

In March, Robinhood and other brokerages reported AMC Entertainment at a $417 billion market cap and even $421 billion market cap, so this is not the first time users have reported misinformation from the platform.

Shareholders have urged the CEO for years now to look into the manipulation of AMC Entertainment stock and into ‘short and distort’ campaigns used to defame the company during its toughest years.

Robinhood Responds to AMC Bankruptcy Notice

Market News Daily - AMC CEO Seeks to File New Lawsuit Against Robinhood.
Market News Daily – AMC CEO Seeks to File New Lawsuit Against Robinhood.

Robinhood responded on the AMC bankruptcy notice after investors and the CEO raised concerns about the lucrative reporting on social media.

The following statement was released by the broker:

“On 5/1/23 at 1:45 pm ET, Robinhood experienced a technical issue leading to an incorrect banner being applied to AMC. The banner was removed at 1:48 pm ET. We apologize for this error.”

But investors now want to know the company’s process that led them to mistakenly publishing this error.

Others allege the notice was a malicious intent on the movie theatre company, just days before Q1 earnings.

For years now, Wall Street and affiliates have used media tricks to their advantage in hopes of creating panic and steering investors away from investing in the movie theater company.

Will AMC CEO Adam Aron really file a lawsuit against Robinhood?

In the past, the CEO stated the company had been in contact with the NYSE and FINRA to “look closely at the trading of the stock”, but investors have yet to be updated on any new information.

Robinhood Lawsuit News

Robinhood is currently being sued in a new class action lawsuit by Klafter Lesser LLP, Pessah Law Group, and PC and Chelin Law Firm in California.

The firms are seeking to represent investors who held call options on the Robinhood trading platform as of the close on January 27, 2021 to purchase any of the following stocks:

American Airlines Group Inc. (NASDAQ:AAL), AMC Entertainment (NYSE:AMC), BlackBerry Limited (NYSE:BB), Bed Bath & Beyond Inc. (NASDAQ:BBBY), GameStop Corp. (NYSE:GME), or Nokia Corporation (NYSE:NOK).

The latest Robinhood class action lawsuit alleges that on January 28, 2021, Robinhood prohibited purchases of the stocks underlying the affected options on its platform and also prohibited purchases of the exercise of the affected options, and only allowed the closing out of such positions.

The lawsuit further alleges that during the period January 29, 2021 through February 4, 2021, Robinhood imposed significant limits on any purchases and continued to prevent the exercise of the affected options on its trading platform.

Consequently, the value of the affected options dropped dramatically and remained suppressed throughout the month, causing investors to suffer big losses, says the press release.

Related: AMC Lawsuit to Be Resolved in Late June

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Market News Today - AMC CEO Seeks to File New Lawsuit Against Robinhood.
Market News Today – AMC CEO Seeks to File New Lawsuit Against Robinhood.

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Robinhood Reports AMC Entertainment Has Filed for Bankruptcy

Market News Daily - Robinhood Reports AMC Entertainment Has Filed for Bankruptcy.
Market News Daily – Robinhood Reports AMC Entertainment Has Filed for Bankruptcy.

Robinhood (NASDAQ:HOOD) is falsely reporting AMC Entertainment (NYSE:AMC) has filed for bankruptcy on its trading platform.

AMC Shareholders have shared various screenshots of what many believe to be a ‘short and distort’ campaign against the movie theatre company.

AMC Entertainment has not filed for bankruptcy nor is it in any position to file for bankruptcy.

“What the DUCK !!!!! I am getting multiple reports that Robinhood briefly posted today that AMC filed for bankruptcy.

How can companies like Robinhood do this?

So ludicrous, so wrong, so irresponsible.

On Friday, we report Q1 earnings, and will announce our sizable cash position,” said AMC CEO Adam Aron in a statement on social media.

Robinhood users are reporting the platform has issued a notice on ticker symbol AMC stating the following:

“This company has filed for bankruptcy. This typically happens when companies are close to running out of money or have trouble repaying their outstanding debts.”

But this isn’t the first time Robinhood or other platforms have reported false information about AMC Entertainment.

Robinhood Reports AMC at $417 Billion Market Cap

Robinhood and other brokerages have reported AMC Entertainment at a $417 billion market cap and even $421 billion market cap.

This puts AMC Entertainment up with Facebook in terms of market cap, per the reportings.

Many shareholders have been sharing screenshots of what CEO Adam Aron believes to be discrepancies from these brokers.

The CEO said in March data sources were under review for accuracy after several sources, including MarketWatch, were reporting the company’s equity APE (NYSE:APE) of also having a 93.79 billion market cap.

Both AMC and APE are displaying what shareholders believe to be the true value of the securities.

Few skeptics have written off the data as simply ‘glitches’ from brokers.

“Market Watch currently showing 93.79 billion APEs outstanding. Clearly WRONG, wildly so. We are calling them now demanding this get corrected immediately. Also reviewing many other data sources to check for accuracy. So curse-word-here irresponsible that they publish false info,” said the CEO on Twitter.

The latest misinformation hit pieces have led shareholders to encourage Adam Aron to begin looking into the manipulation of AMC stock.

Related: Robinhood Sued in New Class Action Lawsuit

Is AMC Entertainment Going Bankrupt This Year?

It’s unlikely AMC Entertainment will be going bankrupt this year.

The CEO says the company will announce a sizeable cash position in their latest Q1 earnings report.

In terms of the movie industry itself, it’s growing.

Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) are now contributing billions of dollars to the movie theatre industry.

This is a great development for AMC Entertainment, the largest movie theatre chain in the world.

“Experts are now projecting that ticket sales will be off about 15% from before the pandemic (with 15% less product) and just about every studio is ramping up output.

After years of negotiations and failed experiments, theater chains and movie studios have reached something of a truce.

Studios will debut most of their movies in theaters and can now make them available at home within a few weeks,” says Bloomberg.

Do you think Robinhood reporting AMC filing for bankruptcy was a mistake?

Or is there a motive behind it?

Leave your thoughts below.

For more AMC Entertainment stock news and updates, join the newsletter below.

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Market News Today - Robinhood Reports AMC Entertainment Has Filed for Bankruptcy.
Market News Today – Robinhood Reports AMC Entertainment Has Filed for Bankruptcy.

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AMC CEO Reflects on “Meme Stock” Frenzy of 2021

Market News Daily - AMC CEO Reflects on "Meme Stock" Frenzy of 2021.
Market News Daily – AMC CEO Reflects on “Meme Stock” Frenzy of 2021.

AMC Entertainment (NYSE:AMC) CEO Adam Aron reflects on the “meme stock” frenzy of 2021 and expresses his optimism towards the company’s future.

Today, AMC stock is up more than 32% year-to-date and has survived some of the most challenging seasons a business in its unique circumstances could have gone through.

In an interview with The Wrap, Adam Aron says he recalls when the company almost ran out of cash with only four to six weeks of cash on hand.

AMC came close to collapsing during the pandemic lockdowns when AMC Entertainment went from generating several millions per month to $0 in an instance.

“We almost ran out of cash five different times. We had times where we had just four to six weeks of cash on hand”, the CEO said.

AMC Entertainment was able to raise $5 billion from March 2020 to March 2021.

The biggest help came in January when retail investors flooded the market and purchased shares of AMC stock en masse, sending AMC shares from $2 per share to $20 per share.

“That’s a big reason we’re standing here today,” says Adam Aron.

AMC Entertainment Prepares for Pre-Pandemic Levels

Adam Aron told The Wrap that he sees Hollywood returning to something approximating pre-Covid levels of regular theatrical releases.

There were only 70 wide releases in 2022 compared to 140 in 2019, and that number is already around 100 for 2023 so far.

According to The Wrap, Adam Aron believes that AMC is out of the woods today.

“Overall box offic is up by about 1/3 compared to 2022.

If the theatrical industry overall ends up with between $8.5 billion and $10 billion for the year, AMC will have a significant recovery.”

However, Adam Aron, like many professionals in the industry, doesn’t believe that the domestic box office will reach pre-Covid levels until 2024 the earliest and 2025 the latest.

“The box office is on a positive ramp, and if we have the ability to raise cash if we need to, I have no real fear,” said Adam Aron.

Analysts Are Now Predicting Big Growth for AMC Entertainment

Analyst firm Benchmark raised its growth estimates for AMC Entertainment Friday, citing better-than-expected domestic box office performance.

AMC will be reporting its fiscal first-quarter results before market open on May 5.

Benchmark now estimates that AMC will report first-quarter revenue of $912 million, up from its prior estimate of $831 million.

Analysts surveyed by FactSet are looking for first-quarter revenue of $930 million.

“Domestic box office exceeded our expectations,” Benchmark analyst Mike Hickey wrote in a note released Friday.

The analyst firm also raised its estimate for adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) to a loss of $37 million from its prior estimate of an $86 million loss.

Analysts surveyed by FactSet are looking for an EBITDA loss of $33 million.

Benchmark currently has a hold rating for AMC Entertainment.

Benchmark’s Hickey expects AMC to raise capital as soon as the settlement is resolved.

“We think AMC will immediately tap the capital markets on a successful transaction,” he wrote. “The capital raise would likely be used to provide relief to AMC’s significant net debt obligations.”

Related: Amazon and Apple Are Now Contributing Billions to Movie Industry

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AMC Lawsuit to Be Resolved in Late June

Market News Daily - AMC Lawsuit to Be Resolved in Late June.
Market News Daily – AMC Lawsuit to Be Resolved in Late June.

The AMC Entertainment (NYSE:AMC) lawsuit is scheduled to be resolved sometime in late June.

A Delaware court is targeting June 29-30 for a hearing to consider the proposed settlement between AMC and plaintiffs regarding the conversion of APE equity into class A common shares, share issuance, and a 1-for-10 reverse stock split.

The approved proposals will allow AMC Entertainment to raise capital to pay down its debt and use cash towards other business ventures and ideas.

“Some misunderstand the 1-for-10 reverse stock split, approved by 87% of March 14 votes, saying we are “stealing 90%” of your shares. You forget that the share price rises 10-fold at that time. EXACTLY the same as trading ten $1 bills for one $10 bill. Either way, you have $10.”

Investors are questioning why go through a reverse stock split in the first place if ‘nothing’ truly changes.

“In your comments, some fear that after a RS, short pressure could cause price to go back down. But you neglect that it is EVERY bit as easy to short a stock priced at $3.00 as it is on a stock priced at $30. A RS itself has NOTHING to do with any subsequent prices afterwards,” said the CEO on Twitter.

But there are more details shareholders should know about the proposals.

One of the biggest being how much more challenging it’s going to be to break even or become profitable at such a high share price due to the RS.

And the biggest risk of course is if share prices fall back down to current levels through heavily manipulation of the stock as we’ve seen for the past two years.

Latest AMC Lawsuit Update

Vice Chancellor Morgan Zurn was set to consider the proposed settlement in early April that would allow AMC to move forward with its conversion plan.

However, it seems this case might be bigger than we thought.

“I think it’s going to be almost impossible to do this in less than 60 days, given the stockholder interest that we anticipate,” Zurn said.

The judge was open to “getting this wrapped up by the end of June,” tentatively suggesting June 29 or June 30 for a settlement hearing.

AMC stock closed up nearly 4% on Tuesday to $5.15 while APE shares fell more than -6.5% to $1.42.

This is a developing story – join the newsletter below for the latest AMC stock news and updates.

Related: Antara Capital Discloses Shorting AMC Entertainment Stock

Market News Published Daily

Market News Today - AMC Lawsuit to Be Resolved in Late June.
Market News Today – AMC Lawsuit to Be Resolved in Late June.

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