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AMC Entertainment (AMC) will release its second quarter results after the market closes on Monday. AMC stock edged up in morning trading.
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Estimates: AMC is reporting a loss of 94 cents per share from a loss of $ 5.38 in the quarter of last year, when theaters were largely closed during the pandemic. But that’s a far cry from 17-cent EPS from Q2 2019. Sales hit $ 382 million, up from $ 19 million a year earlier, but down from $ 1.5 billion in the second quarter. 2019.
Results: Come back after the closing.
Store: The shares rose 2.1% to 33.40 in the stock market today. AMC stock is well below its 50-day line after climbing from late May to early June a few weeks after first quarter results.
AMC became a “meme stock” following a short-squeeze launched by Reddit group r / wallstreetbets earlier this year. But despite the squeeze, AMC stock still attracts short sellers.
AMC stock faces Covid-19 and streaming pressure
Moviegoers returned to theaters in the spring as Covid-19 vaccination rates increased and Americans envisioned a semi-normal summer. But the rise of the delta variant of the coronavirus could be another headwind of short-term resistance for the stock and some cities are instituting indoor mask mandates and many potential moviegoers are staying at home.
The coronavirus has also altered the way people work, learn, exercise and consume entertainment. Studios are now releasing films on streaming services such as Disney + at the same time as their theatrical premieres. The cost for a family of four paying a premium for the movie on top of their streaming costs is much less than going to the movies.
But the actors are pushing back the debut in streaming.
Marvel’s “Black Widow” star Scarlett Johansson has filed a lawsuit against Disney (DIS) for breach of contract when the latest superhero installment was released on Disney + concurrently with its theatrical debut. Johansson said his salary was based on the film’s box office success.
Disney will release its third quarter results on Thursday. Disney stock fell 0.9% to 175.48.
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