US Stocks Open Lower on Monday; AMC Tumbles 36%; APE Soars 15%
Tiger Newspress2023-08-14
The S&P 500 and Nasdaq Composite slipped Monday as Wall Street looked to shake off a rough start to August.
The moves come as stocks have struggled to sustain their rally in the late summer. Last week, the S&P 500 and Nasdaq Composite fell 0.3% and 1.9%, respectively. It was the Nasdaq Composite's first two-week losing streak of the year.
AMC Entertainment shares fell 36% after the movie-theater chain won approval to move ahead with a planned conversion of AMC Preferred Equity, or APE, units into common shares. APE units soared 15%. AMC has sought to convert its preferred equity units, known as Apes, into common shares and enact a 10-for-1 reverse stock split to raise capital.
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