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FILE - In this Dec. 17, 2014 file photo, a patron walks into a Carmike Cinemas movie theater, in Atlanta. AMC Entertainment, the movie theater chain bought by Chinese conglomerate Dalian Wanda Group in 2012, is acquiring rival chain Carmike Cinemas for $1.1 billion including debt. AMC will pay $30 a share, about 19 percent higher than the $25.11 Carmike shares closed at Thursday, March 3, 2016. (AP Photo/David Goldman, File)

AMC stock plunged to an all-time low amid a box office slump



A slump in box office business this year is hurting the AMC movie theater chain, according to CNN Money.

CNN Money reported Wednesday that AMC’s stock dropped more than 25 percent to an all-time low that day.

The market plunge came after AMC reportedly warned that its results would fall short of previous Wall Street forecasts about this period of time.

AMC, which is owned by the Chinese conglomerate Dailan Wanda Group, is one of several movie theater chains that suffered falling stocks Wednesday.

CNN Money reported that Cinemark, Imax and Regal Entertainment also experienced sinking stock prices amid the movie theater industry’s ongoing struggles.

Some Twitter users on Wednesday criticized AMC and its competitors for the way they treat movie goers.

Box Office Mojo, which tracks the movie theater industry, said that 2017’s movie grosses are down 2 percent so far from a year ago.

Regal recently told the Wall Street Journal, meanwhile, that its results would not meet expectations.

Imax, for its part, announced in June that it was laying off nearly 15 percent of workers across all its locations.

Successful movies like “Guardians of the Galaxy Vol. 2” and “Wonder Woman” have reportedly not halted the overall industry’s declining figures.

Other major 2017 films, such as “Baywatch” and a reboot of “The Mummy,” flopped with moviegoers and delivered underwhelming ticket returns.

The popularity of home streaming services like Amazon and Netflix have kept some film buffs from going to movie theaters as often as they used to.

Television has also become more attractive to major actors and directors who once considered the silver screen their best mode for visibility.

Hollywood has several potential blockbusters on its schedule, however, that may close out 2017 with a bang.

The next “Star Wars” and “Thor” movies are due out before year’s end, and the popular Wonder Woman character will return in the “Justice League” in November.

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