The recent decline in AMC’s share price has left the movie-theater chain’s CEO, Adam Aron, feeling frustrated. Late Sunday, on X (formerly Twitter), he expressed his frustration, stating “Media scoffed at my Embiid tweet, but it’s all true. AMC’s share price is so frustrating. The 2023 actors/writers strikes have ruined the early 2024 box office.” Aron’s main focus remains on rebuilding AMC, a company with roots in Kansas City since 1920. To lift spirits, he added, “So, ‘how ’bout those CHEEEEEFS.'”
AMC’s recent struggles come at a time when the Kansas City Chiefs, based in the same city, celebrate their victory over the top-seeded Baltimore Ravens in the AFC Championship game. This win secures the Chiefs’ fourth Super Bowl appearance in five years, as they prepare to face the San Francisco 49ers in Super Bowl LVIII.
Last week, Aron took to X to praise Joel Embiid, the center for the Philadelphia 76ers. Embiid’s remarkable performance scored him 70 points in a 133-123 victory. According to nba.com, this achievement surpassed Wilt Chamberlain’s 76ers record of 68 points set in 1967. Alongside praising Embiid, Aron addressed the “painful” decline in AMC’s shares, highlighting the ongoing impact of the COVID-19 pandemic on the movie-theater industry.
AMC’s Sliding Stock and the Decline of Meme Stock Status
Shares of movie-theater chain AMC have plummeted to record lows, marking a stark contrast from the days when it was a beloved meme stock. According to Dow Jones Market Data, the stock reached an all-time closing high of $339.05 on June 2, 2021. However, it now finds itself in a five-day losing streak.
AMC’s current struggles are a reflection of the demise of its meme stock status. Over the past year, the company’s shares have fallen by a staggering 90.8%, while the S&P 500 index has seen a gain of 21.8% during the same period.
The CEO of AMC recently expressed his dismay over the stock slide and the state of the movie theater industry as a whole. He highlighted the industrywide box office’s anemic performance even four years after the onset of the Covid pandemic. Despite these challenges, he couldn’t help but acknowledge greatness when he saw it, praising Sixers’ Joel Embiid for his impressive 70-point performance.
As AMC continues to face significant challenges, it remains to be seen if it can regain its former glory as a meme stock darling. Investors are undoubtedly concerned about the stock’s downward spiral and its implications for the future.