AMC stock bounced off major support on December 23, 2021, after the company announced it would be reopening theatres in Los Angeles and Chicago.
AMC Theatres® Continues Its Strategic Theatre Acquisitions, Announces the Acquisition and Reopening of Former Pacific Northridge Fashion Center 10 in Northridge, CA, and Former Arclight Chicago 14
On December 22, 2021, AMC Theatres (NYSE:AMC), the largest theatrical exhibitor in the United States, in Europe & the Middle East, and in the world, announced it has reached lease agreements and plan to reopen theatres in the Los Angeles and Chicago markets. AMC is expected to begin operations at AMC Northridge Fashion Center 10, formally a Pacific theatre, in Northridge, Calif., in the spring of 2022. AMC expects to begin operations at AMC Chicago 14, formally an Arclight location in NEWCITY located in the Lincoln Park neighborhood, under a new name in spring of 2022.
AMC remains in active discussions with other property owners regarding additional currently closed locations.
Upon reopening, guests at both locations can expect many of AMC’s most popular amenities, including enhanced food and beverage offerings, and AMC Stubs, a world class loyalty and subscription service that includes AMC Stubs A-List.
Adam Aron, Chairman and CEO of AMC, commented: “These theatres have previously been high-traffic, successful locations, in two of AMC’s top markets, and we are pleased to offer the AMC experience at them a few months from now in 2022. These are prime examples of how AMC is staying on offense, looking for opportunities to strengthen our company through the acquisition of these popular locations. Our most recent acquisitions of AMC The Grove 14 and AMC Americana at Brand 18 are already showing their success as those locations routinely finish in the top 10 theatres in box office performance among more than 150 theatres in the LA market, and in the top 30 in the entire United States.”
AMC is the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 950 theatres and 10,500 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying its Signature power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty and subscription programs, web site and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming.
AMC lags behind rivals in Saudi Arabia market, WSJ reports
AMC Entertainment lags behind its local rivals in Saudi Arabia’s increasing competitive cinema market, Rory Jones of Wall Street Journal reported on December 25, 2021. AMC said it would open up to 20 cinemas by the end of last year but currently runs 10, with about 65 screens, Jones points out. Meanwhile, the company’s two biggest competitors, Saudi brand Muvi and Dubai-based Vox Cinemas, run about 150 screens each without the direct government support that AMC has, according to the reporter. Three other firms are building cinemas, and three more have obtained licenses, according to investment bank Saudi Fransi Capital, Jones adds. Source: https://www.wsj.com/articles/amc-lags-behind-in-saudi-arabias-surprisingly-competitive-cinema-market-11640440802?mod=hp_lead_pos4
AMC announces ‘Spider-Man: No Way Home’ breaks several attendance records
On December 20, 2021, AMC Theatres announced that based on the opening weekend strength of Marvel & Sony Pictures’ “Spider-Man: No Way Home”, AMC has broken several post-reopening attendance records. The movie finished the weekend as the biggest December opening of all time, and AMC set new post-reopening domestic attendance records on Thursday, then broke that record on Friday, and then broke that record again on Saturday. More than 2M people watched a movie at an AMC location around the world on Saturday, which is the most tickets sold in a single day since Christmas day, 2019. With Sunday’s domestic attendance finishing at more than 1M tickets sold, it marks the first time that AMC has sold at least one million tickets each day Thursday through Sunday since December 2019. Guests sought out PLF experiences at AMC, as this past weekend was the biggest ever weekend for PRIME at AMC, the second biggest ever for Dolby Cinema at AMC and the fourth biggest weekend for IMAX at AMC. In all, AMC recorded more than 7M tickets sold, Thursday through Sunday, at its locations around the world, including more than five million tickets sold at its U.S. theatres. AMC’s attendance was off to a strong start on Thursday, as guests arrived in droves to qualify for their exclusive Spider-Man NFT. Attendance for Spider-Man at AMC’s international theatres was also robust, setting a new single-day attendance record on Saturday.
AMC Theatres Sells More Than 7 Million Tickets for Showtimes Thursday Through Sunday Globally; Sets Its Post-reopening Single-day Attendance Record in The U.S. on Thursday and Sets a New Record Again on Friday and Sets a New Record Again on Saturday
On December 20, 2021, AMC Theatres (NYSE:AMC), the largest theatrical exhibitor in the United States, in Europe & the Middle East, and in the world, announced that based on the opening weekend strength of Marvel & Sony Pictures’ SPIDER-MAN: NO WAY HOME, AMC has broken several post-reopening attendance records. The movie finished the weekend as the biggest December opening of all time, and AMC set new post-reopening domestic attendance records on Thursday, then broke that record on Friday, and then broke that record again on Saturday.
More than two million people watched a movie at an AMC location around the world on Saturday, which is the most tickets sold in a single day since Christmas day, 2019. With Sunday’s domestic attendance finishing at more than 1 million tickets sold, it marks the first time that AMC has sold at least one million tickets each day Thursday through Sunday since December 2019. Guests sought out PLF experiences at AMC, as this past weekend was the biggest ever weekend for PRIME at AMC, the second biggest ever for Dolby Cinema at AMC and the fourth biggest weekend for IMAX at AMC.
In all, AMC recorded more than 7 million tickets sold, Thursday through Sunday, at its locations around the world, including more than five million tickets sold at its U.S. theatres. AMC’s attendance was off to a strong start on Thursday, as guests arrived in droves to qualify for their exclusive Spider-Man NFT, the first ever of its kind from a major theatrical exhibitor. Attendance for Spider-Man at AMC’s international theatres was also robust, setting a new single-day attendance record on Saturday.
“Historically, December is one of the biggest months of the year for major blockbuster releases, so to see SPIDER-MAN: NO WAY HOME set a new all-time opening weekend box office record this month is significant not just for AMC, but for the entire theatrical industry,” said Adam Aron, AMC Chairman and CEO. “We commend our friends at Sony Pictures and Marvel on their wonderfully successful movie, which millions of people have already watched at a U.S. AMC theatre in just 4 days.”
Movie theatre bears ‘need to take notice of what just happened,’ says B. Riley
On December 20, 2021, “Spider-Man: No Way Home,” a film released in the middle of an omicron variant surge with a multitude of at-home viewing platforms in focus just generated the third-best domestic opening weekend box office of all time, B. Riley analyst Eric Wold tells investors in a research note. “Those who are bearish on the potential for a post-pandemic exhibition industry recovery need to take notice of what just happened,” says the analyst. Wold says that with exclusive theatrical windows “proving their importance to the industry,” the exhibitor group faces an “extremely attractive set-up heading into next year’s slate.” He reiterates Buy ratings on Cinemark (CNK), Imax (IMAX), Marcus (MCS) and National CineMedia (NCMI). Wold has a Neutral rating on AMC Entertainment (AMC).
AMC Entertainment announces ‘Spider-Man: No Way Home’ breaks box office records
On December 17, 2021, AMC Theatres announced that “Spider-Man: No Way Home” has broken AMC box office records. The movie, which opened last night at AMC Theatres across the United States, was the single highest grossing movie title on its opening night in AMC’s history, for a movie opening in the month of December. It also was the second highest grossing movie title on its opening night of all-time. Approximately 1.1M people attended Spider-Man at a U.S. AMC theatre yesterday. This was the single highest number of people watching one movie on one day at AMC’s U.S. theatres during all of calendar years 2020 and 2021. Attendance for Spider-Man at AMC’s international theatres was also robust.
📽 VIDEO AMC Theatres. We Make Movies Better.
[embedyt] https://www.youtube.com/watch?v=KiEeIxZJ9x0[/embedyt]📈 AMC Stock Technical Analysis
Both the long and short-term trends are negative. AMC is part of the Entertainment industry. There are 82 other stocks in this industry. AMC outperforms 98% of them. AMC is currently trading in the middle of its 52-week range. The S&P500 Index however is currently trading near new highs, so AMC is lagging the market. There is a support zone ranging from 27.06 to 27.44. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames. There is resistance at 30.30 from a horizontal line in the daily time frame. AMC has a poor technical rating and the quality of the setup is also only medium at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when AMC stock is a good entry.
