AMC Entertainment Holdings Inc (NYSE:AMC) shares are trading lower Wednesday alongside several companies in the broader communications, media and entertainment industry amid overall market weakness as investors digest the latest U.S. inflation data, which came in higher-than-expected.
The consumer price index increased 8.3% in April from the prior year, which was lower than the 8.5% increase in March. However, the number came in above the Dow Jones estimate of 8.1%. Although the CPI number was lower than it was in March, 8.3% is still near the highest levels in 40 years.
The core CPI number, which excludes energy and food costs, rose 6.2% in April, which was above estimates for a 6% increase.
Related Link: 'Inflation's Momentum Is Still Strong': Experts React To 8.3% CPI Inflation, Higher Than Expected
The Federal Reserve plans to continue to hike rates until inflation falls significantly. The Fed generally aims to maintain inflation around 2% per year.
AMC is popular among retail investors. The stock was the top trending stock on Stocktwits at press time.
AMC 52-Week Range: $9.56 - $72.62
The stock was down 12.5% at $10.35 at time of publication, according to data from Benzinga Pro.
Photo: Eden, Janine and Jim from Flickr.
