Shares of AMC Entertainment Holdings Inc. are down 13.8% despite the eagerly anticipated opening of the “Taylor Swift: The Eras Tour” concert film.
The stock is set to snap a five-day winning streak and register its biggest single-day percentage decline since Sept. 6, when it fell 36.8%.
Related: AMC stock extends winning streak to 5 days, boosted by Taylor Swift concert movie
AMC
AMC,
which is showing the movie in its theaters and is also the theatrical distributor, recently announced that the film had shattered the company’s record for single-day advance ticket sales, with $26 million in ticket-sales revenue on Aug. 31. Shares of AMC surged last week after the company announced that “Taylor Swift: The Eras Tour” had brought in more than $100 million in global advance ticket-sales revenue.
Shares of movie-theater chain and meme-stock darling AMC have fallen 73.6% in 2023, compared with the S&P 500’s
SPX
gain of 12.7%.
Now read: AMC CEO Adam Aron says he was targeted in a blackmail attempt
Rival Cinemark Holdings Inc.
CNK,
has also clinched a deal with AMC to show the Taylor Swift concert film. Cinemark’s stock is down 5.3% Friday.
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