I really need to see the narrative as to why AMC stock is so high. If there was every a stock to short, this has to be it.
AMC's market cap is over 2x what it has ever been. In fact, pre-pandemic, the highest I ever saw it reach was just a touch over $4bill, just over a third what it is today.
Theaters are already under severe pressure due to streaming. And during the pandemic, studios have seen that they can do a dual release to stream and to theaters and make just as much money. Why would this trend not continue?
I like going to the movies as much as any one else. It's been probably about two years since I've been now. What do i remember about theaters?
-trying to find a movie worth going out to see
-Spending 60-70 bucks for a family of four for a matinee
-Getting annoyed by people talking, but more so, people texting/playing on their phones during the movie
-Moderately enjoying the "theater" experience.
Will I still go to the movie theater? Yeah, probably so, but how many times per year? 3-4? Any movie that I'm just partially interested in seeing previously, I'd just wait till it came on streaming, like Fandango Now, etc.. I'm sure I'll do the same. Any movie that I'm interested in seeing if it releases say both on Disney+ and at the theaters, say Black Widow which my family will want to see, but no one is dying to see it in the movies, I'll pay the 20-30 bucks to watch it at home at our leisure (we did the same with a number of Disney releases over the past year). Where is the new revenue stream that AMC is going to find that is going to allow it to be worth 3-4x what it was worth at any time in their past? AMZN just bought MGM, think they may release some movies directly to Prime? Apple has Apple TV and a boat load of money, think they may want to buy a studio and do the same? Disney already has plenty of product and NFLX may release 1-2 movies per year to theatrical release. If AMC is worth 12 billion, than Darden or BLMN must be worth 3-4x that as when the economy opens up, every one is going out to dinner a lot more often that they are going to the movies.