AMCX - Why AMC Networks Stock Flopped on Monday
2023-09-18 18:56:02 ET
The factions locked in a bitter labor battle in Hollywood don't look any closer to agreement, and that's hardly good news for content producers and broadcasters. Among these is TV mainstay AMC Networks (NASDAQ: AMCX) , which saw its share price erode more than 1% on Monday. That was a worse performance than the essentially flat trajectory of the S&P 500 index today.
As of only a few days ago, it seemed as if at least some performers were ready to go before the cameras again, in apparent defiance of the strike. Drew Barrymore and Bill Maher both said that they would resume production of their respective talk shows. And Jennifer Hudson's talk show had its premiere pushed forward.
Those individuals were hit with a backlash that was intense at times. This came from striking talent, the people who support the protestors, and other figures in organized labor. Perhaps as a result, both Barrymore and Maher reversed their decisions -- the former on Sunday, and the latter today.
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Why AMC Networks Stock Flopped on Monday