Why AMC Stock Continued to Drop Today
Movie theater operator AMC Entertainment Holdings (NYSE: AMC) seems to be losing its luster with the retail trader crowd that now makes up 80% of the company's shareholder base. AMC stock is down 30% in the past two weeks, and dropped as much as 14% Thursday morning. AMC shares have recovered some, but remained down 6.2% as of 10:05 a.m. EDT.
Some of the negative sentiment came earlier this week when AMC CEO Adam Aron said he was tabling a shareholder vote on a proposal he supported to add another $25 million shares to the company's share count. Aron wanted to sell more stock to raise additional capital even after the company has raised almost $3 billion in new equity and debt over approximately the last year.
Source Fool.com
