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,
-13.64%,
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,
-5.35%
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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