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2021-07-19

Fools….again 😡

AMC fell nearly 9% in morning trading<blockquote>AMC早盘交易中下跌近9%</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":171962131,"tweetId":"171962131","gmtCreate":1626702954623,"gmtModify":1631891549474,"author":{"id":3583713903095207,"idStr":"3583713903095207","authorId":3583713903095207,"authorIdStr":"3583713903095207","name":"Dny","avatar":"https://static.tigerbbs.com/df94541de0876a6ec7f52cfea841f652","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":8,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Fools….again 😡</body></html>","htmlText":"<html><head></head><body>Fools….again 😡</body></html>","text":"Fools….again 😡","highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/171962131","repostId":1143265655,"repostType":4,"repost":{"id":"1143265655","kind":"news","pubTimestamp":1626702580,"share":"https://www.laohunote.com/m/news/1143265655?lang=zh_CN&edition=full","pubTime":"2021-07-19 21:49","market":"us","language":"en","title":"AMC fell nearly 9% in morning trading<blockquote>AMC早盘交易中下跌近9%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143265655","media":"Motley Fool","summary":"(July 19) AMC fell nearly 9% in morning trading. Is There Any Hope Left for AMC Entertainment Stock?","content":"(July 19)&nbsp;AMC fell nearly 9% in morning trading.&nbsp;Is There Any Hope Left for AMC Entertainment Stock?<blockquote>（7月19日）AMC早盘跌近9%，AMC院线股票还有希望吗？</blockquote> <img src=\"https://static.tigerbbs.com/c568be01ed9cf916d7a574a56c1e7402\" tg-width=\"642\" tg-height=\"460\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> The company's short squeeze is rapidly losing momentum. Key Points<blockquote>该公司的空头挤压正在迅速失去动力。要点</blockquote> <ul> <li>AMC may not have enough cash to fund research and development efforts to compete with movie-streaming services.</li> <li>The spread of more contagious variants of the coronavirus could thwart theater traffic and offset rising demand from movie backlogs.</li> </ul> <blockquote><ul><li>AMC 可能没有足够的现金来资助与电影流媒体服务竞争的研发工作。</li><li>更具传染性的冠状病毒变种的传播可能会阻碍影院客流量，并抵消电影积压带来的不断增长的需求。</li></ul></blockquote> The traders of Reddit's Wall Street Bets community shocked the investment world this year by bidding upAMC Entertainment(NYSE:AMC), sending shares higher by nearly 3,000% at one point. However, at Friday's prices, the stock was down more than 40% from its June highs.<blockquote>Reddit 华尔街投注社区的交易员今年通过提高出价震惊了投资界AMC院线（纽约证券交易所股票代码：AMC），股价一度上涨近 3,000%。然而，按周五的价格计算，该股较 6 月份高点下跌了 40% 以上。</blockquote> Many traders held a \"buy first, ask questions later\" mentality when opening up a stake. But now, the time for questions has come.Can AMC deliversustained growthover the long term?<blockquote>许多交易员在开仓时抱着“先买后问”的心态。但现在，质疑的时候到了。 AMC 能否实现长期持续增长？</blockquote> Upcoming catalysts<blockquote>即将推出的催化剂</blockquote> The COVID-19 pandemic has created a massive backlog of unreleased films. Production delays have played a role, but studio executives have also postponed releases until theaters reopened to maximize revenue. Over the next year, a number of big franchises will have new installments, includingJurassic Park,Batman,Transformers,John Wick,Avatar,Indiana Jones,MissionImpossible, and Marvel. Keep in mind that AMC is the largest theater chain in the country, with over 60% market share. So there's no doubt there would be an impressive boost to the company's bottom line when these movies hit the theaters (keep in mind that AMC's business wasn't consistently profitable before COVID, so even a blockbuster year may not be a sure thing).<blockquote>新冠肺炎疫情创造了大量未发行的电影积压。制作延迟发挥了作用，但工作室高管也推迟了上映，直到影院重新开放，以最大化收入。在接下来的一年里，许多大型特许经营店将有新的分期付款，包括侏罗纪公园,蝙蝠侠,变压器,约翰·威克,头像,印第安纳·琼斯,任务不可能的，还有漫威。请记住，AMC是美国最大的连锁影院，拥有超过60%的市场份额。因此，毫无疑问，当这些电影上映时，公司的利润将得到令人印象深刻的提升（请记住，AMC 的业务在 COVID 之前并没有持续盈利，因此即使是大片的一年也可能不是确定的事情）。</blockquote> In addition, AMC may have been saved simply by the efforts of Reddit traders to boost the stock. Thanks to a high stock price, AMC raised $1.246 billion in cash via equity offerings in the second quarter alone. That increased its total liquidity to over $2 billion, against $5.5 billion of long-term debt.<blockquote>此外，AMC 可能仅仅因为 Reddit 交易员提振股价的努力就被拯救了。得益于高股价，AMC仅在第二季度就通过股票发行筹集了12.46亿美元现金。这使得其流动性总额超过 20 亿美元，而长期债务为 55 亿美元。</blockquote> If AMC used the cash to pay back debt, then the return on investment would be immediate (we'll have to wait until second-quarter earnings on Aug. 5 to learn more). The average interest rate of AMC's debt exceeds 10%, and interest payments outweighed total revenue in the first quarter. Moreover, Adam Aron, the company's CEO, announced on July 6 that he would scrap a plan to issue 25 million additional shares. Aron does not anticipate any other stock offerings in 2021, which suggests the company believes its turnaround is on track. The company is acting as if it believes it has enough cash to execute its plans for now.<blockquote>如果AMC用现金偿还债务，那么投资回报将是立竿见影的（我们必须等到8月5日第二季度财报公布后才能了解更多信息）。AMC债务平均利率超过10%，一季度利息支出超过总收入。此外，该公司首席执行官亚当·阿伦（Adam Aron）于7月6日宣布，他将取消增发2500万股股票的计划。Aron 预计 2021 年不会进行任何其他股票发行，这表明该公司相信其扭亏为盈已步入正轨。该公司表现得好像它相信它目前有足够的现金来执行其计划。</blockquote> Upcoming inhibitors<blockquote>即将推出的抑制剂</blockquote> A major risk ahead for AMC is the spread of the delta and lambda coronavirus variants in the country. Moviegoers may be inclined to stay at home and watch new releases on streaming services instead, especially when it comes to new releases available to both channels. As a result, don't expect the company's traffic to rebound to pre-pandemic levels anytime soon.<blockquote>AMC 面临的主要风险是 delta 和 lambda 冠状病毒变种在该国的传播。电影观众可能倾向于呆在家里，在流媒体服务上观看新上映的电影，尤其是当两个频道都可以观看新上映的电影时。因此，不要指望该公司的流量会很快反弹到大流行前的水平。</blockquote> In addition, it's not clear yet how the company could sustain its growth or earnings in the long term. After the movie backlog clears up, AMC would be competing with multiple movie-streaming services and home-entertainment enthusiasts for traffic. But it can't spare much cash for the sake of innovation; the company still needs to generate cash flow to pay off its ballooning debt stack. On top of that, it still owes $400 million in rent to theater landlords due to the lockdowns in the past year.<blockquote>此外，目前尚不清楚该公司如何长期维持增长或盈利。电影积压清理后，AMC 将与多家电影流媒体服务和家庭娱乐爱好者争夺流量。但它不能为了创新而节省大量现金；该公司仍需要产生现金流来偿还其不断膨胀的债务。最重要的是，由于去年的封锁，它仍欠剧院房东4亿美元的租金。</blockquote> The missing element<blockquote>缺失元素</blockquote> The problem of achieving innovation is a big one in the long run, and AMC is stuck in a catch-22. There isn't anything stopping AMC from launching a paid subscription streaming service for new movies. However, that will inevitably cannibalize revenue from its theaters, leading to a net-zero outcome.<blockquote>从长远来看，实现创新是一个大问题，AMC 陷入了第二十二条军规。没有什么能阻止AMC为新电影推出付费订阅流媒体服务。然而，这将不可避免地蚕食影院的收入，导致净零结果。</blockquote> Offering a subscription pass to its theaters wouldn't really work either. MoviePass had already attempted that. To match the value proposition of streaming services, the company had to price its pass at $10 per month, resulting in staggering losses before it went bankrupt.<blockquote>向其影院提供订阅通行证也不会真正奏效。MoviePass已经尝试过了。为了匹配流媒体服务的价值主张，该公司不得不将其通行证定价为每月 10 美元，导致破产前亏损惊人。</blockquote> But the biggest killer of AMC's prospects going forward is probably a combination of 5G and synchronized viewing. For example, the social community platform Discord allows its users to stream movies via its screen-share feature. While the movie plays, users are free to talk with each other, eat their own food, and otherwise enjoy the experience in ways that might be taboo in an actual theatre.<blockquote>但AMC未来前景的最大杀手可能是5G和同步观看的结合。例如，社交社区平台Discord允许其用户通过其屏幕共享功能播放电影。当电影播放时，用户可以自由地相互交谈，吃自己的食物，或者以在实际影院中可能是禁忌的方式享受这种体验。</blockquote> With the rise of 5G, folks can watch movies via screen sharing just about anywhere. Bored while swimming in the lake? Just boot up your phone and watch a movie stream with friends. The best part is that the activity is free; intellectual property laws haven't caught on to the innovation yet, resulting in a grey area. At the end of the day, it would be extremely difficult for AMC to compete with these \"mini-virtual theaters\" where patrons can watch from anywhere and do whatever they like while watching.<blockquote>随着5G的兴起，人们几乎可以在任何地方通过屏幕共享观看电影。在湖里游泳无聊？只需启动手机，和朋友一起看电影。最棒的是活动是免费的；知识产权法还没有抓住创新，导致了一个灰色地带。归根结底，AMC 很难与这些“迷你虚拟影院”竞争，顾客可以在任何地方观看，并在观看时做任何他们喜欢的事情。</blockquote> The verdict<blockquote>判决</blockquote> Since its inception, AMC has lost a cumulative $5.9 billion, and that number is growing. Investors should note that aside from another near-term spike/short squeeze, there are not many fundamentals backing the company's long-term prospects. In addition, its inability to devote cash to innovation will almost guarantee more revenue and bottom-line woes in the long run. That's on top of its inability to compete with peer-to-peer synchronized movie-viewing experiences. At a forward-looking price-to-sales (P/S) ratio over 8, AMC stock looks incredibly expensive for a company that could yet fall off another cliff in terms of growth. Long-term investors looking forways to profit from the reopening economyshould stay away.<blockquote>自成立以来，AMC 已累计亏损 59 亿美元，而且这个数字还在不断增长。投资者应该注意，除了近期又一次飙升/做空之外，没有太多基本面支持该公司的长期前景。此外，从长远来看，其无法将现金投入创新几乎将保证更多的收入和利润困境。除此之外，它还无法与点对点同步观影体验竞争。AMC 股票的前瞻性市销率 (P/S) 超过 8，对于一家在增长方面可能再次跌落悬崖的公司来说，它看起来非常昂贵。希望从重新开放的经济中获利的长期投资者应该远离。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC fell nearly 9% in morning trading<blockquote>AMC早盘交易中下跌近9%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMC fell nearly 9% in morning trading<blockquote>AMC早盘交易中下跌近9%</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-07-19 21:49\n\n</h4>\n</header>\n<article>\n(July 19)&nbsp;AMC fell nearly 9% in morning trading.&nbsp;Is There Any Hope Left for AMC Entertainment Stock?<blockquote>（7月19日）AMC早盘跌近9%，AMC院线股票还有希望吗？</blockquote> <img src=\"https://static.tigerbbs.com/c568be01ed9cf916d7a574a56c1e7402\" tg-width=\"642\" tg-height=\"460\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> The company's short squeeze is rapidly losing momentum. Key Points<blockquote>该公司的空头挤压正在迅速失去动力。要点</blockquote> <ul> <li>AMC may not have enough cash to fund research and development efforts to compete with movie-streaming services.</li> <li>The spread of more contagious variants of the coronavirus could thwart theater traffic and offset rising demand from movie backlogs.</li> </ul> <blockquote><ul><li>AMC 可能没有足够的现金来资助与电影流媒体服务竞争的研发工作。</li><li>更具传染性的冠状病毒变种的传播可能会阻碍影院客流量，并抵消电影积压带来的不断增长的需求。</li></ul></blockquote> The traders of Reddit's Wall Street Bets community shocked the investment world this year by bidding upAMC Entertainment(NYSE:AMC), sending shares higher by nearly 3,000% at one point. However, at Friday's prices, the stock was down more than 40% from its June highs.<blockquote>Reddit 华尔街投注社区的交易员今年通过提高出价震惊了投资界AMC院线（纽约证券交易所股票代码：AMC），股价一度上涨近 3,000%。然而，按周五的价格计算，该股较 6 月份高点下跌了 40% 以上。</blockquote> Many traders held a \"buy first, ask questions later\" mentality when opening up a stake. But now, the time for questions has come.Can AMC deliversustained growthover the long term?<blockquote>许多交易员在开仓时抱着“先买后问”的心态。但现在，质疑的时候到了。 AMC 能否实现长期持续增长？</blockquote> Upcoming catalysts<blockquote>即将推出的催化剂</blockquote> The COVID-19 pandemic has created a massive backlog of unreleased films. Production delays have played a role, but studio executives have also postponed releases until theaters reopened to maximize revenue. Over the next year, a number of big franchises will have new installments, includingJurassic Park,Batman,Transformers,John Wick,Avatar,Indiana Jones,MissionImpossible, and Marvel. Keep in mind that AMC is the largest theater chain in the country, with over 60% market share. So there's no doubt there would be an impressive boost to the company's bottom line when these movies hit the theaters (keep in mind that AMC's business wasn't consistently profitable before COVID, so even a blockbuster year may not be a sure thing).<blockquote>新冠肺炎疫情创造了大量未发行的电影积压。制作延迟发挥了作用，但工作室高管也推迟了上映，直到影院重新开放，以最大化收入。在接下来的一年里，许多大型特许经营店将有新的分期付款，包括侏罗纪公园,蝙蝠侠,变压器,约翰·威克,头像,印第安纳·琼斯,任务不可能的，还有漫威。请记住，AMC是美国最大的连锁影院，拥有超过60%的市场份额。因此，毫无疑问，当这些电影上映时，公司的利润将得到令人印象深刻的提升（请记住，AMC 的业务在 COVID 之前并没有持续盈利，因此即使是大片的一年也可能不是确定的事情）。</blockquote> In addition, AMC may have been saved simply by the efforts of Reddit traders to boost the stock. Thanks to a high stock price, AMC raised $1.246 billion in cash via equity offerings in the second quarter alone. That increased its total liquidity to over $2 billion, against $5.5 billion of long-term debt.<blockquote>此外，AMC 可能仅仅因为 Reddit 交易员提振股价的努力就被拯救了。得益于高股价，AMC仅在第二季度就通过股票发行筹集了12.46亿美元现金。这使得其流动性总额超过 20 亿美元，而长期债务为 55 亿美元。</blockquote> If AMC used the cash to pay back debt, then the return on investment would be immediate (we'll have to wait until second-quarter earnings on Aug. 5 to learn more). The average interest rate of AMC's debt exceeds 10%, and interest payments outweighed total revenue in the first quarter. Moreover, Adam Aron, the company's CEO, announced on July 6 that he would scrap a plan to issue 25 million additional shares. Aron does not anticipate any other stock offerings in 2021, which suggests the company believes its turnaround is on track. The company is acting as if it believes it has enough cash to execute its plans for now.<blockquote>如果AMC用现金偿还债务，那么投资回报将是立竿见影的（我们必须等到8月5日第二季度财报公布后才能了解更多信息）。AMC债务平均利率超过10%，一季度利息支出超过总收入。此外，该公司首席执行官亚当·阿伦（Adam Aron）于7月6日宣布，他将取消增发2500万股股票的计划。Aron 预计 2021 年不会进行任何其他股票发行，这表明该公司相信其扭亏为盈已步入正轨。该公司表现得好像它相信它目前有足够的现金来执行其计划。</blockquote> Upcoming inhibitors<blockquote>即将推出的抑制剂</blockquote> A major risk ahead for AMC is the spread of the delta and lambda coronavirus variants in the country. Moviegoers may be inclined to stay at home and watch new releases on streaming services instead, especially when it comes to new releases available to both channels. As a result, don't expect the company's traffic to rebound to pre-pandemic levels anytime soon.<blockquote>AMC 面临的主要风险是 delta 和 lambda 冠状病毒变种在该国的传播。电影观众可能倾向于呆在家里，在流媒体服务上观看新上映的电影，尤其是当两个频道都可以观看新上映的电影时。因此，不要指望该公司的流量会很快反弹到大流行前的水平。</blockquote> In addition, it's not clear yet how the company could sustain its growth or earnings in the long term. After the movie backlog clears up, AMC would be competing with multiple movie-streaming services and home-entertainment enthusiasts for traffic. But it can't spare much cash for the sake of innovation; the company still needs to generate cash flow to pay off its ballooning debt stack. On top of that, it still owes $400 million in rent to theater landlords due to the lockdowns in the past year.<blockquote>此外，目前尚不清楚该公司如何长期维持增长或盈利。电影积压清理后，AMC 将与多家电影流媒体服务和家庭娱乐爱好者争夺流量。但它不能为了创新而节省大量现金；该公司仍需要产生现金流来偿还其不断膨胀的债务。最重要的是，由于去年的封锁，它仍欠剧院房东4亿美元的租金。</blockquote> The missing element<blockquote>缺失元素</blockquote> The problem of achieving innovation is a big one in the long run, and AMC is stuck in a catch-22. There isn't anything stopping AMC from launching a paid subscription streaming service for new movies. However, that will inevitably cannibalize revenue from its theaters, leading to a net-zero outcome.<blockquote>从长远来看，实现创新是一个大问题，AMC 陷入了第二十二条军规。没有什么能阻止AMC为新电影推出付费订阅流媒体服务。然而，这将不可避免地蚕食影院的收入，导致净零结果。</blockquote> Offering a subscription pass to its theaters wouldn't really work either. MoviePass had already attempted that. To match the value proposition of streaming services, the company had to price its pass at $10 per month, resulting in staggering losses before it went bankrupt.<blockquote>向其影院提供订阅通行证也不会真正奏效。MoviePass已经尝试过了。为了匹配流媒体服务的价值主张，该公司不得不将其通行证定价为每月 10 美元，导致破产前亏损惊人。</blockquote> But the biggest killer of AMC's prospects going forward is probably a combination of 5G and synchronized viewing. For example, the social community platform Discord allows its users to stream movies via its screen-share feature. While the movie plays, users are free to talk with each other, eat their own food, and otherwise enjoy the experience in ways that might be taboo in an actual theatre.<blockquote>但AMC未来前景的最大杀手可能是5G和同步观看的结合。例如，社交社区平台Discord允许其用户通过其屏幕共享功能播放电影。当电影播放时，用户可以自由地相互交谈，吃自己的食物，或者以在实际影院中可能是禁忌的方式享受这种体验。</blockquote> With the rise of 5G, folks can watch movies via screen sharing just about anywhere. Bored while swimming in the lake? Just boot up your phone and watch a movie stream with friends. The best part is that the activity is free; intellectual property laws haven't caught on to the innovation yet, resulting in a grey area. At the end of the day, it would be extremely difficult for AMC to compete with these \"mini-virtual theaters\" where patrons can watch from anywhere and do whatever they like while watching.<blockquote>随着5G的兴起，人们几乎可以在任何地方通过屏幕共享观看电影。在湖里游泳无聊？只需启动手机，和朋友一起看电影。最棒的是活动是免费的；知识产权法还没有抓住创新，导致了一个灰色地带。归根结底，AMC 很难与这些“迷你虚拟影院”竞争，顾客可以在任何地方观看，并在观看时做任何他们喜欢的事情。</blockquote> The verdict<blockquote>判决</blockquote> Since its inception, AMC has lost a cumulative $5.9 billion, and that number is growing. Investors should note that aside from another near-term spike/short squeeze, there are not many fundamentals backing the company's long-term prospects. In addition, its inability to devote cash to innovation will almost guarantee more revenue and bottom-line woes in the long run. That's on top of its inability to compete with peer-to-peer synchronized movie-viewing experiences. At a forward-looking price-to-sales (P/S) ratio over 8, AMC stock looks incredibly expensive for a company that could yet fall off another cliff in terms of growth. Long-term investors looking forways to profit from the reopening economyshould stay away.<blockquote>自成立以来，AMC 已累计亏损 59 亿美元，而且这个数字还在不断增长。投资者应该注意，除了近期又一次飙升/做空之外，没有太多基本面支持该公司的长期前景。此外，从长远来看，其无法将现金投入创新几乎将保证更多的收入和利润困境。除此之外，它还无法与点对点同步观影体验竞争。AMC 股票的前瞻性市销率 (P/S) 超过 8，对于一家在增长方面可能再次跌落悬崖的公司来说，它看起来非常昂贵。希望从重新开放的经济中获利的长期投资者应该远离。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/07/17/is-there-any-hope-left-for-amc-entertainment-stock/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article\">Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/07/17/is-there-any-hope-left-for-amc-entertainment-stock/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143265655","content_text":"(July 19) AMC fell nearly 9% in morning trading. Is There Any Hope Left for AMC Entertainment Stock?\n\n\n The company's short squeeze is rapidly losing momentum.\n\nKey Points\n\nAMC may not have enough cash to fund research and development efforts to compete with movie-streaming services.\nThe spread of more contagious variants of the coronavirus could thwart theater traffic and offset rising demand from movie backlogs.\n\n\nThe traders of Reddit's Wall Street Bets community shocked the investment world this year by bidding upAMC Entertainment(NYSE:AMC), sending shares higher by nearly 3,000% at one point. However, at Friday's prices, the stock was down more than 40% from its June highs.\nMany traders held a \"buy first, ask questions later\" mentality when opening up a stake. But now, the time for questions has come.Can AMC deliversustained growthover the long term?\nUpcoming catalysts\nThe COVID-19 pandemic has created a massive backlog of unreleased films. Production delays have played a role, but studio executives have also postponed releases until theaters reopened to maximize revenue. Over the next year, a number of big franchises will have new installments, includingJurassic Park,Batman,Transformers,John Wick,Avatar,Indiana Jones,MissionImpossible, and Marvel. Keep in mind that AMC is the largest theater chain in the country, with over 60% market share. So there's no doubt there would be an impressive boost to the company's bottom line when these movies hit the theaters (keep in mind that AMC's business wasn't consistently profitable before COVID, so even a blockbuster year may not be a sure thing).\nIn addition, AMC may have been saved simply by the efforts of Reddit traders to boost the stock. Thanks to a high stock price, AMC raised $1.246 billion in cash via equity offerings in the second quarter alone. That increased its total liquidity to over $2 billion, against $5.5 billion of long-term debt.\nIf AMC used the cash to pay back debt, then the return on investment would be immediate (we'll have to wait until second-quarter earnings on Aug. 5 to learn more). The average interest rate of AMC's debt exceeds 10%, and interest payments outweighed total revenue in the first quarter. Moreover, Adam Aron, the company's CEO, announced on July 6 that he would scrap a plan to issue 25 million additional shares. Aron does not anticipate any other stock offerings in 2021, which suggests the company believes its turnaround is on track. The company is acting as if it believes it has enough cash to execute its plans for now.\nUpcoming inhibitors\nA major risk ahead for AMC is the spread of the delta and lambda coronavirus variants in the country. Moviegoers may be inclined to stay at home and watch new releases on streaming services instead, especially when it comes to new releases available to both channels. As a result, don't expect the company's traffic to rebound to pre-pandemic levels anytime soon.\nIn addition, it's not clear yet how the company could sustain its growth or earnings in the long term. After the movie backlog clears up, AMC would be competing with multiple movie-streaming services and home-entertainment enthusiasts for traffic. But it can't spare much cash for the sake of innovation; the company still needs to generate cash flow to pay off its ballooning debt stack. On top of that, it still owes $400 million in rent to theater landlords due to the lockdowns in the past year.\nThe missing element\nThe problem of achieving innovation is a big one in the long run, and AMC is stuck in a catch-22. There isn't anything stopping AMC from launching a paid subscription streaming service for new movies. However, that will inevitably cannibalize revenue from its theaters, leading to a net-zero outcome.\nOffering a subscription pass to its theaters wouldn't really work either. MoviePass had already attempted that. To match the value proposition of streaming services, the company had to price its pass at $10 per month, resulting in staggering losses before it went bankrupt.\nBut the biggest killer of AMC's prospects going forward is probably a combination of 5G and synchronized viewing. For example, the social community platform Discord allows its users to stream movies via its screen-share feature. While the movie plays, users are free to talk with each other, eat their own food, and otherwise enjoy the experience in ways that might be taboo in an actual theatre.\nWith the rise of 5G, folks can watch movies via screen sharing just about anywhere. Bored while swimming in the lake? Just boot up your phone and watch a movie stream with friends. The best part is that the activity is free; intellectual property laws haven't caught on to the innovation yet, resulting in a grey area. At the end of the day, it would be extremely difficult for AMC to compete with these \"mini-virtual theaters\" where patrons can watch from anywhere and do whatever they like while watching.\nThe verdict\nSince its inception, AMC has lost a cumulative $5.9 billion, and that number is growing. Investors should note that aside from another near-term spike/short squeeze, there are not many fundamentals backing the company's long-term prospects. In addition, its inability to devote cash to innovation will almost guarantee more revenue and bottom-line woes in the long run. That's on top of its inability to compete with peer-to-peer synchronized movie-viewing experiences. At a forward-looking price-to-sales (P/S) ratio over 8, AMC stock looks incredibly expensive for a company that could yet fall off another cliff in terms of growth. Long-term investors looking forways to profit from the reopening economyshould stay away.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":556,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":14,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/171962131"}