AMC Accepting Bitcoin? What to Know About the News Lifting AMC Stock


CEO Adam Aron and the folks over at AMC Entertainment (NYSE:AMC) sure know how to excite retail investors. The movie theater chain just announced second-quarter revenue that beat expectations. However, there is more to the AMC stock story than that. As InvestorPlace Assistant News Writer Brenden Rearick highlighted, news of AMC accepting Bitcoin (CCC:BTC-USD) is generating buzz.

Neon sign of an AMC (AMC) theater

Source: rblfmr / Shutterstock.com

So what do you need to know?

Importantly, this was a key call for AMC Entertainment. The company posted estimate-beating revenue, as well as  narrower-than-expected losses per share. Even more important, the company directly engaged with shareholders ahead of the event, soliciting retail investor questions.

This points to the fact that the first half of the year has been huge for AMC. The movie theater chain has been battling the impacts of Covid-19, fighting off debt, and becoming the star in a market-gripping story about short squeezes. Along the way, AMC and its CEO have embraced retail investors.

With this all in mind, Aron shared big news today of AMC accepting Bitcoin as a form of payment by the end of this year. He said the company would accept BTC at all U.S. locations. In addition to this, he also shared it would accept Google Pay and Apple Pay for online purchases.

Although he did not have many specifics, this clearly tickled retail investors. Another big announcement from the call is news AMC is working on some sort of partnership with GameStop (NYSE:GME), such as an in-theater gaming event.

What to Know About AMC Accepting Bitcoin

Right now, there is not a ton of detail around the latest AMC stock news. However, it comes at a key time for Bitcoin and other cryptocurrencies. Just as the earnings call was kicking off, the Senate shot down a compromise that would clarify a new tax proposal on crypto transactions.

But beyond that, it also comes at a time when companies like AMC are eager to cater to retail investors. Embracing Bitcoin… and a partnership with GameStop… are both great ways to do that.

So what is the bottom line? It is unclear yet what exactly will come of this news, but it may not be the end of the AMC-crypto story. Earlier this summer, Elon Musk signaled his support for AMC to start accepting Dogecoin (CCC:DOGE-USD).

Read more about AMC stock and its second-quarter report here.

On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Sarah Smith is the Editor of Today’s Market with InvestorPlace.com.


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Dow Jones Falls As Bitcoin Spikes Above $46,000; Tesla Stock Jumps On Upgrade;


The Dow Jones Industrial Average dropped 100 points Monday, as Bitcoin spiked above $46,000. Tesla stock raced higher after an analyst upgrade.


Among Dow Jones leaders, Apple (AAPL) lost 0.1% Monday, while Microsoft (MSFT) moved down 0.2% in today’s stock market. Home Depot (HD) is trying to clear a new buy point, but is below the entry.

Tesla (TSLA) looked to rebound from Friday’s 2.2% sell-off, rallying more than 2% Monday morning following a Jefferies upgrade.

Among the top stocks to buy and watch, MercadoLibre (MELI), Square (SQ) and Twitter (TWTR) are in or near buy zones.

MercadoLibre, Microsoft and Tesla are IBD Leaderboard stocks. Square is an IBD SwingTrader stock.

Dow Jones Today

The Dow Jones Industrial Average lost 0.3% Monday, while the S&P 500 traded down 0.1%. The tech-heavy Nasdaq composite gained 0.1% in morning trade.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35119.38 -89.13 -0.25
S&P 500 (0S&P5) 4431.36 -5.16 -0.12
Nasdaq (0NDQC ) 14853.33 +17.57 +0.12
Russell 2000 (IWM) 222.14 -1.25 -0.56
IBD 50 (FFTY) 46.22 +0.04 +0.09
Last Update: 10:48 AM ET 8/9/2021

Among exchange traded funds, the Innovator IBD 50 (FFTY) traded down less than 0.1% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved 0.1% higher. Meanwhile, the SPDR S&P 500 ETF (SPY) lost 0.2%.

Stock Market Rally

The Dow Jones industrials and the S&P 500 eased from Friday’s record highs, while the Nasdaq recovered a part of Friday’s modest losses.

Friday’s Big Picture column commented, “The market trend remains in a confirmed uptrend. Leading growth stocks are mostly acting well, like Advanced Micro Devices (AMD), which triggered the eight-week hold rule the past week. But there are some recent losers. Roku (ROKU) triggered the 7%-8% loss-cutting sell rule from a 463.09 buy point last week.”

(Be sure to check out Thursday’s Big Picture for a detailed breakdown of how to manage exposure in the current stock market.)

For more stock market commentary, check out IBD’s The Big Picture.

Stock Market ETF Strategy And How To Invest

Bitcoin Prices Spikes Above $46,000

The price of Bitcoin briefly surged above $46,000 before paring some gains. Bitcoin traded around $45,700 in morning trade, according to Coindesk.

The Grayscale Bitcoin Trust ETF (GBTC) advanced almost 5% and is moving further above its 50-day moving average line.

Dow Jones Stocks To Buy And Watch: Home Depot

Dow Jones leader Home Depot is trying to break out past a cup with handle’s 333.55 buy point, according to IBD MarketSmith chart analysis. The 5% buy area goes up to 350.23.

Shares dropped 0.4% Monday morning.

Stocks To Buy And Watch: MercadoLibre, Square, Twitter

IBD Leaderboard stock MercadoLibre is trading right at a 1,755.05 buy point following Thursday’s nearly 14% surge. Shares dipped 0.1% Monday. Per Leaderboard analysis, the stock’s first 5 minutes of trading notched a high of 1,755.05, setting an alternate entry for aggressive investors. MELI is trading at a reasonable level above that price. A trend line within the base may also offer another early entry point.

The stock is also building the right side of a cup base, according to IBD MarketSmith chart analysis. Another possible entry looms at 2020.10. And be on the lookout for a potential handle to offer a more risk-optimal buy point.

IBD SwingTrader stock Square is back in buy range past a 267.87 buy point in a cup-with-handle base amid Monday’s 0.5% gain. The 5% buy zone goes up to 281.26.

According to the IBD Stock Checkup, SQ stock shows a 96 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.

Social media giant Twitter is approaching a double-bottom-with-handle’s 73.44 buy point. Shares are about 5% away from the entry following Monday’s 0.3% loss.

Tesla Stock

Tesla stock rallied over 2% Monday, looking to rebound from Friday’s sell-off. Early Monday, Jefferies upgraded Tesla from hold to buy, raising the price target from 700 to 850. The electric-vehicle giant is rebounding from support around its 50- and 200-day moving averages. Another strong show of support at these levels was bullish for the stock’s prospects.

Shares are trying to move back above a 700.10 aggressive buy point deep inside a correction. Meanwhile, a deep, large base continues to take shape.

On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.

Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Apple moved down 0.1% Monday, on pace to add to Friday’s 0.6% loss. The stock hit an all-time high on July 15 at 150. Apple stock remains out of the 5% buy zone from a 137.17 entry in a cup base. On a weekly chart, IBD MarketSmith chart analysis also places a buy point at 145.19 in a consolidation, which would put Apple in a buy range through 152.45.

Software giant Microsoft fell 0.2% early Monday, but remains just off record highs. Microsoft continues to trade solidly above a cup base’s 263.29 buy point. The stock is extended above the 5% buy zone, which goes up to 276.45.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


Top Growth Stocks To Buy And Watch

Learn How To Time The Market With IBD’s ETF Market Strategy

Find The Best Long-Term Investments With IBD Long-Term Leaders

MarketSmith: Research, Charts, Data And Coaching All In One Place

Celebrating 10 Years Of Leaderboard: 3 Weeks For $9.95


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Business News | Stock and Share Market News


The market will first welcome the IPOs of CarTrade Tech and Nuvoco Vistas Corporation on August 9. Chemplast Sanmar and Aptus Value Housing Finance public issues will open on August 10.

IPOs galore on Dalal Street: 4 companies to float shares this week

Name Price Change % Chg
Sbi 435.65 -6.20 -1.4
Indiabulls Hsg 271.10 0.85 0.31
Ntpc 117.65 1.15 0.99
Rec 156.45 1.35 0.87




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