AMC Entertainment Holdings, Inc., through its subsidiaries, operates in the theatrical exhibition business. The company owns, operates, or has interests in theatres. As of December 31, 2017, it owned, operated, or had interests in 649 theatres with a total of 8,224 screens in the United States; and 365 theatres and 2,945 screens internationally. The company was founded in 1920 and is headquartered in Leawood, Kansas. AMC Entertainment Holdings, Inc. is a subsidiary of Dalian Wanda Group Co., Ltd.
Its been a while, last time I looked at this was last summer. Today it hit my list making new 52wk lows! -17%
AMC asking the govt for a bailout, they have heavy debt and cant survive a prolonged covid-19 shut down.
Looks like AMC is going bust: https://www.marketwatch.com/story/amc-theaters-in-talks-to-hire-bankruptcy-law-firm-weil-gotshal-amid-coronavirus-shutdown-2020-04-11
Dalian Wanda is a Chinese conglomerate with roots in the real estate sector. Its commercial division is considered as the world’s largest commercial property investor. But it has been diversifying its business over the years by going on a massive acquisition spree internationally.
WallStreetBets on Reddit. It's a toxic community that is pumping stocks like Gamestop (GME) and is making national media.
I got in yesterday at $4.33 and added to my position today at $4.90. Also holding some $5 OTM calls. I was way too early on GME but at least made some good profit (held 2 years), but my strategy is to play solid companies that are beaten up where I perceive the bankruptcy risk to be near zero. That money injection is what got me interested here, and the double bottom on the chart looks promising too. You never know it could certainly pull back more but I like the upside potential much more than downside risk here.
