AMC Theaters to Accept Bitcoin by End of 2021, but Plenty of Questions Remain

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Gizmodo 10 August, 2021 - 05:00am 25 views

When do AMC earnings come out?

AMC Earnings Date AMC Entertainment Holdings, Inc. is expected* to report earnings on 08/09/2021 after market close. The report will be for the fiscal Quarter ending Jun 2021. According to Zacks Investment Research, based on 3 analysts' forecasts, the consensus EPS forecast for the quarter is $-0.91. nasdaq.comAMC Entertainment Holdings, Inc. Class A Common Stock (AMC) Earnings Report Date

AMC CEO Thinks New Lockdowns Unlikely Despite Covid Surge: “The Big Change This Winter Is Vaccinations”

Deadline 10 August, 2021 - 10:20am

AMC reported a loss per share of 71 cents, compared to Wall Street estimates of a loss of 94 cents per share. 

Revenue climbed to $444 million for the quarter versus expectations of $382.25 million. The company's second-quarter performance is a massive increase compared to the same period last year when it brought in revenues of $19 million. The top line though is still well below the company's 2nd quarter total revenue of $1.5 billion in 2019. 

AMC shares are up more than 1,500% year-to-date since becoming e a Reddit favorite among Wall Street Bets retail traders. That's when it turned into a 'meme-stock,' along with GameStop (GME), experiencing bouts of volatility since the beginning of the year.

The company has taken advantage of its soaring stock price and raising capital. 

“The second quarter of 2021 was transformational for AMC," Adam Aron, Chairman and CEO of AMC said in a statement. 

"We raised yet another $1.25 billion of new equity capital (before commissions and fees) in the quarter, boosting our quarter ending liquidity to more than $2 billion (including cash and undrawn revolving lines of credit) which is about double the previous highest ever such mark in AMC’s 101-year history," he continued. 

Theaters have been welcoming movie-goers under social distancing guidelines, but it's unclear the impact the Delta Covid-19 variant will have on the business. A relapse or stricter measures could hinder the industry's slow recovery.

"On the core fundamentals, clearly we're seeing lower demand for movies that are coming out," Macquarie Group Senior Analyst Chad Beynon told Yahoo Finance Live. 

Beynon said he is keeping an eye out on cash flow as other movie theater companies have been burning less cash, or no cash.

The company has cashed in on the meme stock frenzy, selling shares along the way. That cash could be used for acquisitions and growing the business.

“Given our scale, experience and commitment to innovation and excellence, AMC is being presented with highly attractive theatre acquisition opportunities,” CEO Adam Aron said in a company filing earlier this year.

The stock is down from its all time high of $72.62 earlier this year. But it is still trading much higher than Wall Street estimates. AMC has no analyst Buy recommendation. It has 5 Hold and 4 Sell ratings, with an average target price of $5.87. On Monday it was trading around $33 per share prior to reporting earnings. 

Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre

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In what doesn’t come as shocking news, AMC Entertainment chairman and CEO Adam Aron said Monday that the No. 1 theater chain has inked a deal with Warner Bros, ensuring a 45-day theatrical window for the studio’s releases in 2022. Warners previously hammered out a 45-day theatrical window with No. 2 circuit Cineworld, and its […]

U.S. consumers' inflation expectations for the near future remained elevated last month while the outlook for their financial prospects over the next year dimmed, according to a survey released on Monday by the New York Federal Reserve. The survey of consumer expectations, which is based on a rotating panel of 1,300 households, can be a helpful gauge for the U.S. central bank as it weighs its inflation outlook. Fed policymakers are discussing how and when to begin removing the support provided during the coronavirus pandemic, with some officials concerned recent inflationary pressures may last longer than anticipated.

America’s largest theater chain is leaning into crypto but did not specify what technology it would use to accept payments.

Stocks struggled for direction Monday morning, losing some steam after rising to all-time highs late last week. Commodity prices tumbled as concerns over the coronavirus's spread resurged, with crude oil prices moving sharply to the downside.

Is Moderna stock a buy after hitting notching new record highs after inking new supply deals for its Covid vaccine?

Anear-term top for the S&P 500 could be coming, say strategists at BTIG. And meme stocks could be the trigger.

GE's turnaround is gaining traction as key businesses improve while the industrial giant continues to shrink its debt load.

The theater chain cut its net loss to $344 million, slimmer than the $436.1 million loss analysts expected.

AMC Entertainment beat views, but revenue is far below 2019 levels. But the meme stock faces Covid and streaming headwinds.

Theater chain saw its revenue triple from the first quarter to second quarter, plans to start accepting the cryptocurrency, Chief Executive Adam Aron says.

AMC Entertainment chairman-CEO Adam Aron said the chain will be technologically equipped to start accepting Bitcoin payments for U.S. movie tickets and concessions ordered online by the end of the year. At a meaty, newsy and somewhat bizarre webcast, Aron also noted the chain will also start accepting Apple Pay and Google Pay. Aron noted […]

Dow Jones futures were little changed late Monday. Tesla stock regained a recent buy point, while AMC stock surged on earnings.

The increase also came at a time when bipartisan support emerged for excluding miners from being considered “brokers” in the U.S. infrastructure bill.

In 2020, AMC lost $16.15 a share. Over the past five quarters, the company's sales have shrunk 22% to 99% vs. year-ago levels. Such results normally devastate most companies.

Meme stocks have taken the world by storm, with companies like GameStop (NYSE: GME) and AMC Entertainment Holdings (NYSE: AMC) earning record-shattering returns earlier this year. Most meme stocks are struggling companies, and their stock price increases are driven by retail investors buying shares in droves rather than by organic growth. This is especially true, though, when you're buying meme stocks.

Last week was an important week for the hydrogen fuel cell industry, with Ballard Power Systems (NASDAQ: BLDP), Bloom Energy (NYSE: BE), and Plug Power (NASDAQ: PLUG) reporting earnings. FuelCell Energy (NASDAQ: FCEL) was the odd man out. It reports earnings only next month -- but even FuelCell Energy had some news to report today.

Moderna's shares received a boost from news that its COVID vaccine was granted provisional registration by Australia's Therapeutic Goods Administration. Moderna has agreements in place to potentially supply as many as 25 million doses of its vaccine to the Australian government by 2022. Shares of Moderna, BioNTech, and Novavax rose sharply on Monday.

Shares of clinical-stage vaccine developer Vaxart (NASDAQ: VXRT) are up again today, gaining 12.34% to $9.83 apiece as of 2:30 p.m. EDT. The stock is up 21% over the past five trading days due to greater capital inflows after the company released encouraging second-quarter earnings on Aug. 5. Vaxart managed to raise $36.2 million during the quarter via issuing new stock -- bringing its cash balance to $177.3 million.

Lionel Messi doesn't change the reason why Liverpool shouldn't fear PSG

pymnts.com 10 August, 2021 - 10:20am

Liverpool fans understandably have reservations heading into the new season when glancing at the transfer business of the Reds’ closest title-rivals.

Man City broke the Premier League transfer record to bring Jack Grealish to the Etihad in an £100m deal, and could well break it again before the end of the month should they successfully lure Harry Kane away from Tottenham Hotspur.

Meanwhile, Manchester United have signed Jadon Sancho from Borussia Dortmund for £73m and agreed an initial £34m fee for Raphael Varane from Real Madrid, while Chelsea are close to re-signing Romelu Lukaku in a £97.5m deal from Inter Milan.

With the trio making up the top four alongside Jurgen Klopp ’s side in the past two seasons, it would be a surprise if the quartet weren’t all competing for the Premier League title this year with such transfer activity ensuring it could be more tightly-contested than ever before.

Yet it’s not just on English soil where Liverpool face a battle for major honours, with Paris Saint-Germain proving you don’t even need to spend big transfer fees to significantly strengthen your squad.

Having suffered a rare misfire to miss out on the Ligue 1 title last year as well as exiting the Champions League at the semi-finals, the French side have laid down a marker heading into the new campaign in the most emphatic of fashions.

With Gianluigi Donnarumma, Sergio Ramos and Gini Wijnaldum all signing on free transfers, along with the €60m recruitment of Achraf Hakimi from Inter Milan, the Ligue 1 giants had already proven they meant business this season when strengthening a squad that already contains Kylian Mbappe, Neymar and Angel Di Maria.

Then they agreed a deal to sign Lionel Messi following his shock departure from Barcelona.

With the likes of Marquinhos, Marco Verratti and Mauro Icardi also already on the books at the Parc des Princes, PSG have suddenly built a squad that outshines even the Real Madrid Galatico era.

Yet great individuals don’t automatically make for a great team.

Yes, their latest recruitment drive is littered with serial winners but this is nothing new for PSG, even if the arrival of the greatest player on the planet takes them to new levels.

After all, they have spent big before on the aforementioned players, along with the likes Zlatan Ibrahimovic, Thiago Silva and Edinson Cavani, and also brought in high-profile free agents who boast trophy-laden CVs before such as Gianluigi Buffon and Dani Alves.

Yet despite a back-catalogue of such names, their 2020 Champions League final defeat to Bayern Munich is still their best return in European competition, with last year’s semi-final loss to Man City the only other time they have progressed past the quarter-finals in the modern format.

Still linked with the likes of Paul Pogba, of course this PSG side is the most formidable it’s ever been. But that doesn’t make it invincible.

A look back at Real Madrid’s ‘Galacticos’ era from 2000-07 proves exactly that.

They admittedly enjoyed initial success with the signings of Luis Figo in 2000, Zinedine Zidane in 2001 and Ronaldo in 2002 helping deliver two La Liga titles and a Champions League.

But as they chased more A-List names, such as David Beckham in 2003 and Michael Owen in 2004 at the expense of the likes of Claude Makelele and Fernando Morientes, the trophies dried up with just one more league title to add to the cabinet in this era coming in 2007.

Signing Messi, Ramos, Wijnaldum, Donnaruma and Hakimi, who boast 18 league titles, nine Champions Leagues, the World Cup, three European Championships and Copa America winners’ medals between them, should on paper take PSG to new heights.

But only if Mauricio Pochettino can turn this plethora of world class individuals into a world class team, with Klopp demonstrating in recent years alone at Anfield the best way to build success.

Liverpool haven’t built the most expensive team, paid the highest wages or signed the planet’s most famous stars.

Instead, the Reds have taken the likes of Mohamed Salah and Virgil van Dijk on a journey from top four hopefuls to English and European champions, and Klopp will be looking to add to both titles again this year.

Get all the latest Liverpool breaking news, team news, transfer rumours, injury updates plus analysis of what's next for the Reds.

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His side beat a star-studded PSG in the Champions League group-stages in 2018/19 before performing the most famous of comebacks against Messi’s Barcelona in that year’s semi-finals on their way to winning Europe’s biggest prize.

And besides, with Messi aged 34 and Ramos aged 35, neither are long-term signings.

Yet despite undoubtedly being two of the very best players in their respective positions, the Argentine hasn’t won the Champions League since 2015 while the Spaniard hasn’t lifted it since 2018 despite continuing to play for star-studded sides featuring the likes of Luis Suarez, Andres Iniesta, Toni Kroos and Luka Modric.

There is no escaping the fact that PSG’s summer transfer business has just made it harder for the likes of Liverpool to win the Champions League, but that has never stopped them before.

Both in Pot Two for this season's group-stages, Klopp's men can't face them until the knock-out stages anyway and then it's anyone's game.

The Reds are used to competing with Man City’s millions domestically and still finding a way to come out on top. Such a challenge is nothing new.

And while PSG might have now boast the likes of Messi and Ramos alongside your Mbappes and Neymars, Pochettino’s side hasn’t won anything yet.

AMC says it will accept bitcoin as payment for movie tickets by year-end

CNBC 09 August, 2021 - 05:34pm

AMC Entertainment said Monday it will start accepting bitcoin as payment for movie tickets and concessions if purchased online at all of its U.S. theaters. 

CEO Adam Aron said during an earnings call Monday that the movie theater chain will have the IT systems in place to take the cryptocurrency as payment by the end of 2021.

The move marks a marriage of two highly speculative assets — bitcoin, known for its wild volatility, and AMC, which became a meme stock star favored by retail traders on Reddit's infamous WallStreetBets forum.

The price of bitcoin swung drastically in recent weeks, last trading around $46,000 after falling below $30,000 last month. The recent rebound came amid optimism that a cryptocurrency compromise will be included as part of the bipartisan infrastructure package. The Senate ultimately failed to advance the deal.

Tesla had announced plans to allow bitcoin transactions, but it halted car purchases with the digital token in mid-May due to concerns over how mining contributes to climate change. CEO Elon Musk has since commented positively on bitcoin, saying he plans to hold the coin long term.

Shares of AMC climbed more than 4% in extended trading on Monday following a better-than-feared earnings report. The company posted a narrower-than-expected loss during the second quarter, along with revenue that topped analysts' estimates.

The stock has rallied nearly 1,500% this year as a band of retail traders who coordinated trades on social media platforms managed to create a massive short squeeze in the shares. The struggling movie theater was a popular short target among hedge funds and other players.

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