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☆ National Cinema is back on August 27 with $4 movie tickets
▼ + stars: | 2023-08-27 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +1 min

Sunday is the second annual National Cinema Day. At more than 3,000 participating theaters across the country the price of a movie ticket is just $4. National Cinema Day could give the theater business a boost. Last year’s Cinema Day, when tickets were only $3, drew 8 million participants and raked in $23.8 million at the box office, a 103% jump from the day before. The Cinema Foundation, the non-profit spearheading the initiative, says Cinema Day propelled long-term theater attendance.

Persons: Barbie ”, “ Barbie, ” “ Oppenheimer, ”, Barbie Organizations: New, New York CNN, National Association of Theatre Owners, AMC, AMC Entertainment Holdings Inc, Hollywood, Cinema Foundation, Warner Bros . Locations: New York

The ruling sent the shares of the company's preferred stock soaring 27%. The company's common stock fell 27%. Under the approved class action settlement, AMC will provide stock worth an estimated $129 million to holders of its common stock to settle potential legal claims related to a stock conversion plan. Without the proposed settlement, common stockholders and preferred shareholders would end up owning 34.28% and 65.72% of AMC, respectively. Under the proposed settlement, common stockholders and preferred shareholders would own 37.15% and 62.85%, respectively.

Persons: Brendan McDermid, Chancellor Morgan Zurn, Zurn, Tom Hals, Deepa Babington Organizations: AMC Theatre, REUTERS, AMC Entertainment Holdings, AMC, Delaware, AMC Entertainment Holdings Inc, Chancery, Thomson Locations: New York City, U.S, WILMINGTON , Delaware, Delaware, Wilmington , Delaware

☆ Bearish traders swarm AMC options as stock conversion plan faces doubts
▼ + stars: | 2023-07-28 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

NEW YORK, July 28 (Reuters) - Shares of AMC Entertainment Holdings Inc (AMC.N) have been hit by a wave of bearish options bets amid uncertainty over the company's stock conversion plan. While the common shares finished Thursday at $4.52, the APE preferred shares ended the session at $1.86. The move sent AMC’s shares higher, disappointing bearish traders who expected news of a conversion to tank the price. Still, options traders appear to be powering on with their bearish wagers, in effect betting the conversion will eventually go through. On Thursday, AMC shares finished down 10%, while APE shares rose 6%.

Persons: Steve Sosnick, Brent Kochuba, Garrett DeSimone, Saqib Iqbal Ahmed, Ira Iosebashvili, Diane Craft Organizations: YORK, AMC Entertainment Holdings Inc, AMC, Trade, Reuters, New York Stock Exchange, Interactive Brokers, Thomson Locations: Ortex, OptionMetrics

Companies AMC Entertainment Holdings Inc FollowJuly 23 (Reuters) - AMC Entertainment's (AMC.N) chief executive officer on Sunday said the company filed a revised petition for a stock conversion plan that would allow the company to issue more shares. Aaron also mentioned that in a March 14 special election a majority of the AMC common shareholders and preferred shareholders supported his views on the stock conversion. Delaware Vice Chancellor Morgan Zurn on Friday denied approval as the deal would also settle potential claims by preferred shareholders who were not represented in the lawsuit. The company was sued in February for allegedly rigging a shareholder vote that would allow AMC to convert preferred stock to common stock and issue hundreds of millions of new shares. The settlement's backers want Zurn to weigh the new version of the deal without seeking additional comment from AMC shareholders, according to a Bloomberg news report.

Persons: Adam Aaron, Aaron, Chancellor Morgan Zurn, Shubhendu Deshmukh, Chris Reese Organizations: AMC Entertainment Holdings, AMC, Sunday, Delaware Court, Delaware, Bloomberg, Thomson Locations: Delaware, Bengaluru

Companies AMC Entertainment Holdings Inc FollowJuly 21 (Reuters) - A judge on Friday blocked a proposed settlement on AMC Entertainment Holdings' (AMC.N) stock conversion plan that would allow the company to issue more shares, sending its common shares soaring and preferred shares down in after-hours trading. AMC shares were up 69% at $7.44 in trading after the bell. The company was sued in February for allegedly rigging a shareholder vote that would allow AMC to convert preferred stock to common stock and issue hundreds of millions of new shares. Without the proposed settlement, common stockholders and preferred shareholders would end up owning 34.28% and 65.72% of AMC, respectively. While the deal would compensate common stock holders for the dilution, they had no right to settle potential claims by holders of preferred stock, Zurn wrote on Friday.

Persons: Chancellor Morgan Zurn, Zurn, Jody Godoy, Franklin Paul, Deepa Babington, Chris Reese Organizations: AMC Entertainment Holdings, Delaware, AMC, AMC Entertainment Holdings Inc, Thomson Locations: Delaware

The deal would provide holders of AMC common stock with shares worth an estimated $129 million to resolve allegations the company rigged a shareholder vote against them. More than 2,800 people objected to the settlement, which requires approval by Delaware Vice Chancellor Morgan Zurn to move forward. Rose Izzo, a Delaware resident who first invested in AMC in 2021, objected to the deal. The company's answer was to create preferred stock, which has traded at a steep discount to AMC's common stock. In February, AMC proposed a vote that would allow it to convert preferred stock to common stock and issue hundreds of millions of new shares.

Persons: Chancellor Morgan Zurn, Rose Izzo, Theodore Kittila, Mark Lebovitch, Lebovitch, Jody Godoy, Matthew Lewis Organizations: AMC Entertainment Holdings, AMC, Delaware, GameStop, AMC Entertainment Holdings Inc, Thomson Locations: Delaware, Pennsylvania, New York

☆ At Cannes, independent film firms optimistic as streamers stumble
▼ + stars: | 2023-05-17 | by ( Miranda Murray | Thomson Reuters | Speed Editor On The Berlin Hub Who Provides General Coverage On Everything Politics To Energy In Germany | ) www.reuters.com time to read: +4 min

CANNES, May 17 (Reuters) - Independent film companies facing a market upended by the entry of streaming services are showing some optimism heading into this year's Cannes Film Festival as the Netflix era has begun flattening out and audiences start trickling back into cinemas post-pandemic. Cannes may make headlines for its glitz and glamour, but as the world's largest event for buying and selling movie rights, its importance to the industry is unparalleled. "It's a transitional time on the business side as the traditional business model that independent buyers use sees lessened value," said O'Shea. The similarity among much of the content offered on streaming platforms leaves theatre audiences wanting something different, an unmet appetite that independent companies could fulfil, he said. "Something good is happening, and I'm sure other streaming services will follow suit," Cannes Film Festival director Thierry Fremaux said in an interview with Le Film francais magazine in April.

☆ AMC earnings a hit on Wall Street as 'Ant-Man' attracts more moviegoers
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

May 5 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) beat Wall Street estimates for first-quarter revenue on Friday, as a string of hit films including the latest installment of Marvel's "Ant-Man" drove more moviegoers to theaters. Shares of the Leawood, Kansas-based company, which operates over 900 theaters globally, rose nearly 4% in trading before the bell. AMC has been trying different combinations to attract audiences to its theaters, including options where moviegoers can choose different seating options to meet their viewing preferences. Revenue for the quarter was $954.4 million, compared with analysts' expectation of $948.5 million, according to Refinitiv IBES data. Reporting by Tiyashi Datta and Yamini Kalia in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ He Was a Quant at Citadel. Now He Agitates for GameStop Investors.
▼ + stars: | 2023-04-28 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

Dave Lauer was once a quant at hedge fund Citadel. Now he is a thorn in the side of Wall Street in a battle over how individual investors’ trades are handled in the U.S. stock market. Mr. Lauer is the co-founder of We the Investors, an advocacy group that draws much of its energy from apes—investors active on social media who tend to favor meme stocks such as GameStop Corp. and AMC Entertainment Holdings Inc.

☆ Theater advertiser National CineMedia files for bankruptcy protection
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 11 (Reuters) - National CineMedia Inc (NCMI.O), the biggest movie-theater advertising business in North America, said on Tuesday it filed for bankruptcy protection and had entered into a restructuring agreement with its lenders. This adds to the growing list of challenges facing the cinema industry, which has been hit hard by the pandemic and a lack of major film releases, and follows a similar move by Cineworld, which filed for U.S. bankruptcy protection in September. In an effort to de-leverage its balance sheet, NCM said it entered into an agreement with its secured lenders to convert its debt into equity. The company will receive an ownership interest of about 14% in the restructured entity, it said. The company expects to report a 44.4% increase in revenue to $91.7 million for the fourth quarter.

☆ Futures edge higher as focus shifts to inflation data, earnings
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.15%, S&P 0.26%, Nasdaq 0.34%April 11 (Reuters) - U.S. stock index futures rose on Tuesday as investors awaited inflation data to gauge the Federal Reserve's next policy moves, while caution prevailed ahead of the quarterly earnings season. All eyes will be on the inflation data on Wednesday, with economists forecasting consumer prices to grow 5.2% in March after a 6.0% rise in February. Big U.S. banks Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N) will kick off the first-quarter earnings season. Investors will be scrutinizing the earnings reports for clues on the overall health of the banking sector. ET, Dow e-minis were up 51 points, or 0.15%, S&P 500 e-minis were up 10.75 points, or 0.26%, and Nasdaq 100 e-minis were up 44.75 points, or 0.34%.

Of the 11 S&P 500 sector indexes, seven declined, led lower by industrials (.SPLRCI), down 2.25%, followed by a 1.72% loss in energy (.SPNY). The S&P 500 declined 0.58% to end the session at 4,100.68 points, closing lower for the first time in a week. The Nasdaq declined 0.52% to 12,126.33 points, while the Dow Jones Industrial Average declined 0.59% to 33,403.04 points. REUTERS/Brendan McDermidHealthcare (.SPXHC) and utilities (.SPLRCU), which many investors expect to hold up better during an economic slowdown, were among the few S&P 500 sector indexes gaining on Tuesday. The S&P 500 posted 14 new highs and one new lows; the Nasdaq recorded 64 new highs and 238 new lows.

☆ AMC stock slumps, 'APEs' jump after litigation deal
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

April 3 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) shares tumbled 24% in extended trade on Monday, while its preferred shares jumped 21% after the movie theater chain said it agreed to settle litigation and proceed with converting its preferred stock into common shares. The preferred shares have lost over 70% since they were issued in August as part of a plan to pay down the company's debt. AMC said that as part of the settlement, it has agreed to pay the plaintiffs one share for every 7.5 shares they own. Shareholders voted last month in favor of increasing the total number of authorized shares and carrying out a one-for-10 reverse stock split as part of a plan to convert its preferred shares into common shares. AMC listed the preferred shares under the symbol "APE" in a nod to Reddit's wallstreetbets stock trading forum, where participants often describe themselves as apes.

☆ AMC Entertainment shares jump on report Amazon exploring a deal
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

March 28 (Reuters) - Shares of AMC Entertainment Holdings Inc (AMC.N) jumped more than 18% on Tuesday, set for their biggest gain in a month, after a report that ecommerce giant Amazon.com Inc (AMZN.O) was looking to buy the theater chain. Amazon founder Jeff Bezos has dispatched his investment advisers and top entertainment chiefs to explore acquisition plans for AMC, The Intersect reported, citing sources familiar with the discussions. AMC and Amazon did not immediately respond to Reuters requests for comment. AMC's shares, which posted a 12-fold jump in 2021 in a Reddit-fueled surge, have gained about 11% this year to Monday's close. Reporting by Tiyashi Datta and Akash Sriram in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ GameStop's surprise profit triggers short squeeze, meme stocks rally
▼ + stars: | 2023-03-22 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

AMC and GameStop were at the heart of a meme-stock frenzy in 2021 driven by small investors coordinating on social media. Among other highly shorted meme stocks, Koss Corp (KOSS.O) climbed 9.5%, Bed Bath & Beyond (BBBY.O) reversed course to slip 1.3%, while the Roundhill MEME ETF (MEME.P) rose 4.2%. "Luckily, this go around is not due to meme investors, but an actual tangible fundamental event," said David Wagner, portfolio manager at Aptus Capital Advisors. SOURING SHORT BETSWhen there is a rush of demand from short sellers looking to exit their bearish bets amid a rise in a stock's price, it pushes prices even higher, resulting in a short squeeze. Another favorite among retail investors - Carvana Co (CVNA.N) - jumped 22% after the used-car retailer said it expects a smaller core loss in the current quarter.

☆ GameStop jumps after swinging to profit, ignites rally in meme stocks
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - Meme stock GameStop Corp (GME.N) jumped nearly 40% in premarket trading on Wednesday after the video game retailer posted its first profitable quarter in two years, igniting a surge in other stocks popular among retail traders. GameStop posted an adjusted profit of 16 cents per share for the fourth quarter, compared to a loss of 47 cents a year ago, helped by a tight lid on costs including job cuts. Other popular stocks among retail traders also rose, with AMC Entertainment Holdings Inc (AMC.N) gaining 10%, while Bed Bath & Beyond (BBBY.O) added 11%. The high interest rate regime of the past year has roiled stock markets, with speculative areas of the market such as meme stocks taking a severe blow. GameStop shares slid 25% in the past 12 months, compared to a 10.3% slide in the S&P 500 (.SPX).

☆ Fact Check-CNBC did not publish article linking U.S. movie theatre group AMC to Silicon Valley Bank collapse
▼ + stars: | 2023-03-15 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

Social media users are sharing a screenshot of a purported CNBC report that links U.S. movie theater chain AMC Entertainment Holdings Inc to the Silicon Valley Bank (SVB) collapse, but the CNBC report is fabricated. There is no record of the alleged article on the CNBC website and a spokesperson for CNBC told Reuters that it had never published such a report. Differences between the alleged article shared on social media and a real article by Macheel can be seen in this comparison, with the fake article on the left and the authentic one on the right (imgur.com/a/QYUbddc). There is no record of the fabricated article on the CNBC website and a CNBC spokesperson outlet told Reuters that it had never published such a report. Read more about our work to fact-check social media posts (here).

☆ Rise of the APEs, Coming to a Theater Chain Near You
▼ + stars: | 2023-03-15 | by ( Spencer Jakab | ) www.wsj.com time to read: 1 min

AMC senior managers such as CEO Adam Aron have undertaken sales of the movie-theater chain’s stock. Tuesday was a lousy day to be an ape and a pretty decent one for some of their sworn enemies. To be clear, the primates involved are all humans. “Apes” are social-media-inspired retail shareholders who took their nickname from the “Planet of the Apes” films—the remakes, not the 1968 original starring Charlton Heston . They are lovers of meme stocks like AMC Entertainment Holdings Inc. and haters of hedge funds.

☆ AMC tumbles as shareholders approve plan to convert APE preferreds
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Shares of AMC Entertainment Holdings Inc (AMC.N) tumbled about 17% on Tuesday after shareholders voted in favor of converting the company's preferred stock into common shares. The approval of the measures at Tuesday's shareholder meeting comes as AMC faces an April 27 hearing in a lawsuit claiming it circumvented shareholders who were against adding more shares. The preferred shares, which trade under the symbol "APE," have lost over 70% since they were issued in August as part of a plan to pay down the company's debt. The common stock was down 17.3% at $4.51 following the vote, putting it on track for its worst day in almost two years. The preferred shares were up 6.9% at $1.85.

☆ Theater chain AMC falls 8% on worries of slower box-office recovery
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

In the United States and Canada, box office collection was above $11 billion in 2019, but since the COVID-19 pandemic, the numbers have fallen drastically, with 2022 box office numbers coming in at $7.4 billion, the company said. "It will take years to see box office revenues return to 2019 levels, which they may not ever do at all," said Jamie Lumley, analyst at Third Bridge. Wedbush Securities analysts expect 2023 box office to be down 24% from 2019 levels. AMC, however, said it expects box office will not return to pre-pandemic norms before 2024 or 2025 at the earliest. Still, AMC said it would pay down its debt of about $4.95 billion as it continued to raise cash.

☆ Futures rise in positive start to March
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.22%, S&P 0.31%, Nasdaq 0.50%March 1 (Reuters) - U.S. stock index futures rose on Wednesday, putting Wall Street on course for a positive start to March, as strong Chinese manufacturing data outweighed concerns that the Federal Reserve's policies will remain restrictive for longer. Traders are pricing in expectations that the Fed will raise rates in coming months to a 5.25%-5.50% range, from the current 4.50%-4.75% range. That's slightly higher than where Fed policymakers in December signaled they would need to take the policy rate. ET, Dow e-minis were up 71 points, or 0.22%, S&P 500 e-minis were up 12.25 points, or 0.31%, and Nasdaq 100 e-minis were up 60 points, or 0.5%. The electric carmaker is readying a production revamp of its top-selling Model Y, Reuters reported, citing people familiar with the plan.

☆ AMC beats revenue estimates as 'Avatar' lures movie fans
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

Feb 28 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) beat Wall Street estimates for fourth-quarter revenue on Tuesday, as box-office hits such as "Avatar: The Way of Water" made movie-goers flock to its theaters during the holiday session. Shares of Leawood, Kansas-based AMC, which operates more than 900 theaters globally, rose 2% in trading after the bell. Revenue for the quarter was $990.9 million, compared to analysts' expectation of $977.7 million, according to Refinitiv IBES data. Net loss widened to $287.7 million, or 26 cents per share, during the quarter ended Dec. 31, from $134.4 million, or 13 cents per share, a year ago. Reporting by Tiyashi Datta in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Feb 15 (Reuters) - The founder of WallStreetBets, which has been credited with helping ignite investors' frenzy into "meme" stocks, sued Reddit Inc on Wednesday, accusing it of wrongly banning him from moderating the community and undermining his trademark rights. According to the complaint filed in federal court in Oakland, California, Rogozinski applied to trademark "WallStreetBets" in March 2020, one month before his ouster, when the community reached 1 million subscribers. "Jamie was removed as a moderator of r/WallStreetBets by Reddit and banned by the community moderators for attempting to enrich himself. Meme stocks typically gain popularity through discussions, often among inexperienced investors, in online forums such as WallStreetBets and Twitter. The case is Rogozinski v Reddit Inc, U.S. District Court, Northern District of California, No.

☆ AMC to Charge More for Better Movie Theater Seats
▼ + stars: | 2023-02-06 | by ( Dia Gill | ) www.wsj.com time to read: 1 min

New AMC pricing that adjusts ticket prices based on where viewers sit applies to shows after 4 p.m., except on the chain’s Tuesday discount days. Some moviegoers will soon have to pay higher prices for better seats. The theater chain AMC Entertainment Holdings Inc. said Monday it was rolling out a new plan that adjusts ticket prices during peak shows based on where viewers sit. Prime seats in the middle of the theater will come at a premium, while neck-craning front-row seats will cost less.

☆ Analysis: AMC sets unusual shareholder vote for meme stock sale approval
▼ + stars: | 2023-02-01 | by ( Anirban Sen | ) www.reuters.com time to read: +5 min

loadingNow, AMC is asking shareholders for authorization to further increase its common stock count tenfold. Holders of the preferred stock will be allowed to vote on the matter alongside holders of common stock. "This increases the odds of (the new common stock authorization) passing this time," said Jacob Thomas, a professor of accounting and finance at Yale School of Management. "Given that meme stock speculators can drive prices far from fundamentals, it makes sense for a company like AMC to issue stock when management believes its own stock is overvalued," Harvey said. AMC said in the Jan. 26 filing that it is proposing the conversion of preferred stock to common stock to eliminate the trading discount.

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