Tag: AMC (Page 2 of 69)

AMC Stock Falls Despite New Record High Earnings Report

Market News Daily - AMC Stock Falls Despite New Record High Earnings Report.
Market News Daily – AMC Stock Falls Despite New Record High Earnings Report.

AMC Entertainment (NYSE:AMC) stock fell on Wednesday despite its new record high earnings report released on Tuesday.

Analysts have been expecting big earnings results from the movie theatre chain due to the rise of this year’s second quarter box office numbers.

“While we still have much work ahead of us on this front, AMC’s glide path to eventual recovery continued with significant pace in the second quarter of 2023 as our results set new records and represent AMC’s strongest second quarter in four full years.

Following an impressive start to the year in the first quarter of 2023, the second quarter yet again showed great progress.

AMC saw more than a 12% growth in attendance, a 15% growth in total revenue and a 71% increase in Adjusted EBITDA compared to the second quarter of 2022.

Indeed, Adjusted EBITDA was $182.5 million, the highest such quarterly figure since the fourth quarter of 2019,” said AMC CEO Adam Aron.

Here’s AMC’s Q2 earnings summary:

  • Total revenue grew by 15.6% compared to Q2 2022 to $1,347.9 million.
  • Net income was $8.6 million compared to a net loss of $121.6 million in Q2 2022.
  • Diluted earnings per share was $0.01 compared to a diluted loss per share of $0.12 in Q2 2022.
  • Adjusted EBITDA improved by $75.8 million to $182.5 million compared to $106.7 million in Q2 2022.
  • Net cash used in operating activities improved by $63.2 million compared to Q2 2022 to $13.4 million.
  • Non-GAAP Operating Cash Generated1 was $99.8 million, an improvement of $47.8 million compared to Q2
    2022.
  • Available liquidity at June 30, 2023 was $643.4 million, including $208.1 million of undrawn capacity under the
    Company’s revolving credit facility.

Shareholders believe AMC Entertainment is a target for illegal short selling due to the company’s incredibly high number of FTDs.

And with more than 50% of trading happening in off exchanges and dark pools, there’s no question why shares continue to be suppressed in the market.

Also Read: Dark Pool Trading Has Risen Under Gensler’s Watch

Quarter 3 Already Looks Promising for AMC Entertainment

Market News Daily - AMC Stock Falls Despite New Record High Earnings Report.
Market News Daily – AMC Stock Falls Despite New Record High Earnings Report.

Towards the end of July, AMC Entertainment broke a 4-year weekend high record as “Barbenheimer” produced results bigger than expected.

The results demonstrate AMC’s path to recovery is also strong in Q3 of 2023.

“Barbie” ended up with $162 million in its first weekend of release, above Sunday’s already record-breaking estimate of $155 million. The Warner Bros. film, starring Margot Robbie declined just 9% from Saturday to bring in $43.7 million on Sunday.

Those ticket sales rank as the biggest opening weekend of the year, besting “The Super Mario Bros. Movie” ($146 million).

“Barbie” also marks the biggest debut ever for a film directed by a woman, overtaking Anna Boden and Ryan Fleck’s 2019 blockbuster “Captain Marvel” ($153 million), says Variety.

“Oppenheimer,” also beat expectations with $82.4 million, slightly higher than Sunday’s huge $80.5 million projection.

At the international box office, Oppenheimer added $98 million for a global tally of $180 million.

“The box office powered to its fourth-biggest weekend in history with over $300 million industrywide.

The top three weekends of all time were led by the debuts of sequels in massive franchises — 2019’s “Avengers: Endgame” ($402 million collectively), 2018’s “Avengers: Infinity War” ($314 million collectively) and 2015’s “Star Wars: The Force Awakens” ($313 million collectively),” says Variety.

Despite strong improvement, Wall Street ego has been far too damaged ever since the ‘meme stock’ frenzy of 2021.

Will AMC Entertainment prevail?

Leave your thoughts below.

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Also Read: Short Sellers Have Now Lost $175 Billion This Year

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Analysts Now Expect Big AMC Earnings Results

Market News Daily - Analysts Now Expect Big AMC Earnings Results.
Market News Daily – Analysts Now Expect Big AMC Earnings Results.

Analysts are now expecting big AMC Entertainment (NYSE:AMC) earnings results as the movie theatre chain’s second quarter report is only around the corner.

AMC will report its second-quarter results on Tuesday, August 8 after the closing bell.

One of the biggest reasons analysts are anticipating big AMC earnings results is primarily due to the rise of box office numbers.

For example, in July, the company announced new high breaking records in its entire 103-year history where more than 7.8 million moviegoers attended AMC theatres during the weekend of “Barbenheimer”.

This growing trend has been seen all throughout 2023.

“The consensus among analysts is for the company to report an 80% YoY improvement in loss per share numbers, with an expected loss of 4 cents per share,” says TheStreet.

“Revenues are expected to top $1.27 billion, representing nearly 10% YoY growth. And should AMC hit those numbers, the company will be only 20% below its Q2 2019 (i.e., pre-pandemic) revenues.

Based on the solid box office in Q2, there’s good reason to believe AMC should once again beat Wall Street consensus.”

For Q1, AMC beat Wall Street expectations marking the company’s strongest quarter in four years.

“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.

Also Read: AMC CEO Provides New Update on High FTDs This Year

High Box Office Numbers Indicates Big Growth for AMC

Market News Daily - Analysts Now Expect Big AMC Earnings Results.
Market News Daily – Analysts Now Expect Big AMC Earnings Results.

Today’s high box office numbers indicate big growth for AMC Entertainment as revenue nears pre-pandemic levels.

Box Office Mojo reports more than$2.8bn in gross revenue for the second quarter of 2023 alone.

That’s more than Q1 box office numbers at $1.7bn.

The industry expects The Flash from Warner Bros’ DC is heading for a Friday around $26M, which will yield a 3-day around $64M, and 4-day north of $72M+ across 4,234 movie theaters.

Spider-Man: Across the Spider-Verse is looking at a $8.4M third Friday, $28.9M third weekend, and running total of $286.8M by Monday, which is 14% ahead of the first Tom Holland movie, Spider-Man: Homecoming at the same point in time (that movie finaling at $334.2M), according to Deadline.

So far, the number 1 release across the industry for Q2 is The Super Mario Bros. Movie, grossing more than $571 million.

Macquarie Analyst Chad Beynon expects to see big growth in AMC Entertainment.

“We expect AMC’s business to grow with the market and benefit from strong flow-through given significant fixed costs in the business,” the analyst predicted.

The analysts with Macquarie Research anticipate that domestic industry box-office revenue will reach $8.7 billion in 2023.

If that happens, it will represent a 19% year-over-year improvement. 

“Road to recovery getting better with box-office strength,” said Macquarie Research analyst Chad Beynon.

“Overall, AMC is highly optimistic about film volumes recovering to pre-pandemic levels over the next few years, supported by growing theatrical aspirations from the likes of Amazon and Apple,” he continued.

The analyst firm also pointed to concession spending at AMC, with first-quarter food and beverage spending per person hitting an all-time high of $7.99, a 50% increase over 2019.

Also Read: Goldman Sachs Gives AMC a New Price Target of $175

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AMC’s Short Interest Now Hits Record High This Year

Market News Daily - AMC's Short Interest Now Hits Record High This Year.
Market News Daily – AMC’s Short Interest Now Hits Record High This Year.

AMC Entertainment’s (NYSE:AMC) short interest has now hit a new record high this year.

As of Friday, financial data firm Ortex reports AMC’s short interest at 30.07%, updated daily here.

Ortex has also given AMC Entertainment a short score of 93 (previously 95), which measures the probability of a short squeeze.

AMC Short Interest Today.

According to the financial data firm, ‘Short Score’ uses a multi-factor model that incorporates multiple short-related metrics, with a higher score indicating that the stock is heavily-shorted and has other characteristics that increase the possibility of a short squeeze occurring.

AMC’s ‘Utilization’ came down for the first time this year after being at 100 utilization since 2021.

Utilization is the ratio between the number of shares on loan across all outstanding loans in the wholesale market and the number of shares available for lending at lending programs.

In July, AMC’s cost to borrow soared more than 1,000%, which is the interest hedge funds are paying annually to short AMC stock.

AMC ranked #1 on Companies Market Cap list of top 100 companies with the highest cost to borrow where more than 7,600 companies are listed.

“As the broader stock market has been on a tear for about a month, things are looking grim for investors with big short positions in stocks like AMC Entertainment Holdings Inc. and GameStop,” said Ihor Dusaniwsky, head of predictive analytics at financial technology and analytics firm S3 Partners.

“One factor that is also killing profits for short sellers is the borrowing costs on stocks that no one is willing to part with,” he continued.

Also Read: Goldman Sachs Gives AMC a New Price Target of $175

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Latest AMC Entertainment Stock News and Updates Today

Market News Daily - AMC's Short Interest Now Hits Record High This Year.
Market News Daily – AMC’s Short Interest Now Hits Record High This Year.

AMC Entertainment (NYSE:AMC) CEO has now provided shareholders with a new update on the high volume of FTDs this year.

After investors expressed their concerns on social media regarding the company’s alarming number of FTDs and days on the NYSE Threshold Securities List, Adam Aron finally published a long overdue statement.

Between March and April, the CEO announced that the company had contacted both FINRA and the NYSE to look closely at the trading of their stock primarily due to the high number of FTDs.

Investors flooded the Twitter post below tagging AMC CEO Adam Aron requesting for answers.

In addition to the overwhelming amount of requests from investors, ‘FTDs’ began to trend on Twitter, further fueling the concerns online.

“Many of you are incensed by the high number of “Fail to Deliver” AMC shares, and that AMC again has been on the Threshold List for multiple weeks. We repeatedly have gone to the NYSE and FINRA, and did so again in July, to put and keep this entire situation on their radar,” said the CEO on FTDs today.

While skeptics continue to request for material proof of such communications, other investors feel at ease knowing the CEO is in part taking action against this manipulative force in the market.

On Tuesday, July 11th, AMC fails-to-deliver hit a record high of $60,019,141, or approximately 14,155,458 total FTDs that day.

While July’s full report is still updating, we can see that the month carried out an average of 12 million AMC FTDs per day.

AMC stock is currently up +25% this year-to-date and down more than -73% in the past year.

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Market News Today - AMC's Short Interest Now Hits Record High This Year.
Market News Today – AMC’s Short Interest Now Hits Record High This Year.

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