Why AMC Stock Dropped Today
Shares of theater operator -- and meme stock -- AMC Entertainment (NYSE: AMC) seemed to have some positive momentum to start the week as they opened today's trading with a bounce 2.1% higher. But that quickly reversed course, and the company's shares then tumbled 4.5% before settling to a drop of 2.2% heading into the close at 3:55 p.m. ET.
The initial jump came after advance movie ticket sales for the latest Marvel Cinematic Universe film Spider-Man: No Way Home caused domestic ticket-sale sites to crash at midnight Monday, according to a CNBC report. In addition to the positive news of audience demand for the film that opens Dec. 16, AMC said it and film co-producer Sony Pictures will be offering up to 86,000 non-fungible tokens (NFTs) for members of AMC Stubs Premiere, A-List, and AMC Investor Connect who purchase advance tickets to the film. But that wasn't enough to hold initial gains in AMC shares today.
Source Fool.com
