The recent decline in AMC’s share price is “so frustrating,” according to the movie-theater chain’s CEO, Adam Aron.
“Media scoffed at my Embiid tweet, but it’s all true,” he wrote on X, formerly Twitter, late Sunday. “AMC’s share price is so frustrating. The 2023 actors/writers strikes have ruined the early 2024 box office. Almost all I think about is rebuilding AMC. But: AMC based in Kansas City since 1920. So, ‘how ’bout those CHEEEEEFS.’”
On Sunday, the Kansas City Chiefs defeated the top-seeded Baltimore Ravens in the AFC Championship game. The Chiefs will now face the San Francisco 49ers in Super Bowl LVIII, marking their fourth Super Bowl appearance in five years.
Related: AMC shares hit another record-low close, extending losing streak to five days
Last week Aron took to X to praise Philadelphia 76ers center Joel Embiid after he scored 70 points in a 133-123 victory. The reigning NBA MVP’s feat broke Wilt Chamberlain’s 76ers record of 68 points, which was set in 1967, nba.com reports.
In that tweet, Aron also described the recent slide in the company’s shares as “painful” and pointed to the lingering impact of the COVID-19 pandemic on the movie-theater industry.
“So painful: 4 years after Covid the industrywide box office is still ludicrously anemic & AMC stock has slid to $4.48,” he wrote on X. “Difficult to think about anything other than guiding AMC back in these challenging times. But greatness deserves praise: Sixers Joel Embiid… 70 points… 70!”
Related: AMC’s CEO bemoans ‘painful’ stock slide amid ‘ludicrously anemic’ box office
Shares of the movie-theater chain and original meme-stock darling have hit a series of record lows recently. The stock ended Friday’s session at another record-low close, extending its losing streak to five days.
This is a far cry from the heady days of the meme-stock frenzy, when the company’s shares hit an all-time closing high of $339.05 on June 2, 2021, according to Dow Jones Market Data.
AMC’s recent market performance reflects the demise of the movie-theater chain’s meme-stock status.
Also see: ‘Worn-out’ investors are contributing to AMC’s stock slide, Stocktwits says
Shares of AMC
AMC,
are down 90.8% in the last 52 weeks, compared with the S&P 500 index’s
SPX
gain of 21.8% over the same period.
