AMC Entertainment Stock Hits All-Time Low Amidst Volatility
AMC Entertainment (AMC) has had a tumultuous start to the year, with its stock hitting an all-time low on Wednesday. The movie theater chain’s shares closed at $5.70, down 6.7%, and traded as low as $5.67, a new all-time intraday low based on available data back to December 2013. This steep decline is just the latest in a series of challenges the company has faced, including the Covid pandemic, writers and actors strikes, and its meme-stock era.
The downward trend in AMC’s stock can also be attributed to its debt for equity agreements. These agreements, along with the company’s issuance of millions of preferred equity units, or APEs, have contributed to the decline in share price.
KBW Downgrades Rocket Companies to “Underperform”
In other market news, KBW analysts downgraded Rocket Companies (RKT) from “Market Perform” to “Underperform.” This decision comes as the stock has also seen a significant drop in share price recently. Rocket Companies, a mortgage lending company, has been impacted by rising interest rates and a slowdown in the housing market.
The company remains optimistic about its future prospects. Its CEO, Jay Farner, stated that they are “confident in our long-term growth strategy and our ability to continue to gain market share.” the downgrade from KBW has caused further uncertainty among investors.
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AMC Entertainment’s stock has hit an all-time low amidst volatility, while Rocket Companies has been downgraded by KBW.
