Meme stock trio AMC Entertainment (NYSE: AMC), GameStop (NYSE: GME), and Tonix Pharmaceuticals (NASDAQ: TNXP) were all lower in morning trading Tuesday following the long weekend. There was no news directly associated with any of the stocks, but GameStop has a tangential relationship to big market news -- though it may surprise a few people its shares are moving in the direction they are. Microsoft announced this morning it was acquiring Activision Blizzard for almost $70 billion in cash, or around $95 per share.
AMC Entertainment Group (NYSE: AMC) was crushed at the pandemic onset when all its theaters were forced to close temporarily. The movie theater company relies on bringing large groups together in person, so an outbreak of a potentially deadly virus will understandably lower attendance. In another round of good news, studios are once again releasing blockbuster films to the big screen after pausing releases during lockdowns.
AMC Entertainment (AMC) closed at $20.57 in the latest trading session, marking a -0.44% move from the prior day.