Why AMC Entertainment's Stock Crashed Hard in 2019
Movie theater chain AMC Entertainment Holdings (NYSE: AMC) had a hit-and-miss year in 2019, but the misses outclassed the hits. The stock fell 41% last year, according to data from S&P Global Market Intelligence, missing out on a general market rally that saw the S&P 500 index rising 29%.
AMC started the year in grand style, rising as much as 39% year to date in the middle of April. That climb included a 14% single-day jump on March 1 thanks to a solid fourth-quarter earnings report. The AMC Stubs A-List ticket subscription program was popular, and Hollywood kept feeding the theater operator a long string of massive hits.
However, positive moves like the March jump only served as temporary relief from a long and deep slide that started in April and continued throughout the year. May's first-quarter report missed Wall Street's earnings estimates in spite of a solid top-line showing, triggering a 9% single-day drop and a boatload of negative analyst reports that only increased the market pressure.
Source Fool.com
