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2021-03-08

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Is There a Bullish Argument for AMC Entertainment Stock?<blockquote>AMC院线股票有看涨的理由吗？</blockquote>

It's so easy to hate on the country's leading multiplex operator. Let's see if we can screen a Holly

Is There a Bullish Argument for AMC Entertainment Stock?<blockquote>AMC院线股票有看涨的理由吗？</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":329176782,"tweetId":"329176782","gmtCreate":1615217457046,"gmtModify":1703485883777,"author":{"id":3574938960041294,"idStr":"3574938960041294","authorId":3574938960041294,"authorIdStr":"3574938960041294","name":"GodDaddy","avatar":"https://static.tigerbbs.com/9a4a888adbc6d9e5d645812c2757b196","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Leggooo</body></html>","htmlText":"<html><head></head><body>Leggooo</body></html>","text":"Leggooo","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/329176782","repostId":1165621021,"repostType":4,"repost":{"id":"1165621021","kind":"news","pubTimestamp":1615216188,"share":"https://www.laohu8.com/m/news/1165621021?lang=zh_CN&edition=full","pubTime":"2021-03-08 23:09","market":"us","language":"en","title":"Is There a Bullish Argument for AMC Entertainment Stock?<blockquote>AMC院线股票有看涨的理由吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165621021","media":"Motley Fool","summary":"It's so easy to hate on the country's leading multiplex operator. Let's see if we can screen a Holly","content":"It's so easy to hate on the country's leading multiplex operator. Let's see if we can screen a Hollywood ending.<blockquote>人们很容易讨厌这个国家领先的多路复用运营商。让我们看看能不能放映一个好莱坞式的结局。</blockquote> I'm going to attempt what I haven't seen even the most ardent&nbsp;AMC Entertainment Holdings&nbsp;(NYSE:AMC)&nbsp;bull do: make a viable long-term argument for owning a piece of the reeling multiplex operator. You don't see too many AMC shareholders realistically talking about the long-term fundamentals. I want to give it a shot.<blockquote>我要尝试我从未见过的即使是最热情的AMC院线控股（纽约证券交易所股票代码：AMC）牛市：为拥有这家摇摇欲坠的多路复用运营商的一部分提出可行的长期论据。你不会看到太多AMC股东现实地谈论长期基本面。我想试一试。</blockquote> AMC bulls talk a good chart game. They point to technical analysis, short squeezes, and the mother of all gamma squeezes as catalysts for their enthusiasm. If they're feeling particularly inspired, they may even venture off into conspiracy theories about hedge funds and analysts working together to keep the longs down.<blockquote>AMC多头谈论一场精彩的图表游戏。他们指出技术分析、空头挤压和所有伽马挤压之母是他们热情的催化剂。如果他们感到特别受鼓舞，他们甚至可能会冒险进入对冲基金和分析师共同努力压低多头的阴谋论。</blockquote> It's always darkest before the plot twist<blockquote>剧情转折前总是最黑暗的</blockquote> The highest AMC stock-price target among the leading Wall Street firms is just $5.50. If you think that these analysts have more to gain by feeding your conspiracy theory narrative than by playing nice with AMC to earn the long tail of underwriting proceeds from the inevitable years of secondary stock and debt offerings, you might want to rethink who is playing on what team here.<blockquote>华尔街领先公司中AMC的最高目标股价仅为5.50美元。如果你认为这些分析师通过迎合你的阴谋论叙事比通过与AMC友好相处以从不可避免的多年二级股票和债务发行中赚取承销收益的长尾获得更多收益，你可能需要重新思考谁在玩什么在这里的团队。</blockquote> The speculative talk about hedgies and near-term price moves seems to dismiss the math. Short interest recently hit its lowest level in almost two years. We're well below the peak short interest set a whopping 14 months ago. Press an AMC long about fundamentals, and the bullish case lands somewhere between \"pent-up demand\" and consumers longing for an experience that can't be duplicated at home.<blockquote>关于对冲和近期价格走势的投机性讨论似乎忽略了数学。空头兴趣最近触及近两年来的最低水平。我们远低于14个月前创下的空头利息峰值。按下AMC多头关于基本面的信息，看涨的情况介于“被压抑的需求”和渴望在国内无法复制的体验的消费者之间。</blockquote> Lost in the bullish talking points is that this isn't just a consumer-demand problem. There's a real supply issue at the other end of the COVID-19 tunnel. It's been an eternity since theaters shut down in mid-March of last year. Since the shutdown, we've seen several new streaming services launch -- including HBO Max, Peacock, and now Paramount+ -- and they're all owned by media giants with movie studios that are now prioritizing their direct-to-consumer platforms over theatrical distribution.<blockquote>看涨的话题中忽略的是，这不仅仅是消费者需求的问题。新冠肺炎隧道的另一端存在真正的供应问题。自从去年三月中旬剧院关闭以来，已经过去了很长时间。自关闭以来，我们已经看到几个新的流媒体服务推出——包括HBO Max、Peacock和现在的Paramount+——它们都归媒体巨头所有，电影工作室现在优先考虑他们的直接面向消费者平台而不是影院发行。</blockquote> The genie's out of the bottle. Waiting three months after a theatrical release is no longer on the menu for most Hollywood studios, and streaming consumption has only gone up -- not down -- in recent months as states relax their pandemic guidelines. A lifetime ago you would've only seenComing to America 2,Raya and the Last Dragon, andThe SpongBob Movie: Sponge on the Runat a multiplex near you. Instead you could've seen all three of those U.S. premieres from the comfort of your own bandwidth-blessed home.<blockquote>精灵从瓶子里出来了。大多数好莱坞电影公司不再需要在影院上映后等待三个月，而且近几个月来，随着各州放松疫情指导方针，流媒体消费只会上升，而不是下降。上辈子你只会看到来到美国2,拉亚和最后的龙，和海绵宝宝电影：奔跑中的海绵在你附近的多厅影院。相反，你可以在自己带宽充足的家中舒适地观看这三部美国首映。</blockquote> And now: your feature presentation<blockquote>现在：您的功能演示</blockquote> By now, it may seem that this is just another burn piece on AMC. You were promised a bull argument, and it's just been a bullet-hole-riddling sport for bearish enjoyment. If you made it this far, let me deliver on what I promised.<blockquote>到目前为止，这似乎只是AMC的另一个热点。你得到了看涨的承诺，但这只是一场充满弹孔的看跌运动。如果你能走到这一步，让我兑现我的承诺。</blockquote> AMC is a survivor, and not just because it's been around for 101 years. When its largest rival,Cineworld Group's Regal Cinemas, shut down its projectors in October, I suggested that AMC may be thehottest stock of 2021. The shares have nearly quadrupled this year, so that article's call is off to a pretty good start this young year.<blockquote>AMC是一个幸存者，不仅仅是因为它已经存在了101年。当它最大的竞争对手，Cineworld集团Regal Cinemas在10月份关闭了放映机，我认为AMC可能是2021年最热门的股票。该股今年几乎翻了两番，因此该文章的看涨期权在今年有了一个良好的开端。</blockquote> It's also true that I've been critical about AMC's prospects. I won't take back my concerns that consumers arechoosing to stay homeand that Hollywood studios havemore to feednow than just the cuckoo-chick nuisance that theater chains were when they used to rule the nest. The pre-2020 model won't work in the future, but it doesn't mean that AMC is toast.<blockquote>我确实对AMC的前景持批评态度。我不会收回我的担忧，即消费者选择呆在家里，好莱坞电影公司现在有更多的东西要养活，而不仅仅是连锁影院过去统治巢穴时的布谷鸟般的麻烦。2020年之前的模式在未来行不通，但这并不意味着AMC就完蛋了。</blockquote> Let's start with the shake-out. Do you really think that Regal is coming back? AMC has stayed open to keep its brand alive and relevant. The industry isn't going to look kindly on the quitters, and with the long road back for the industry, a lot of chains will fade to black in more ways than one. AMC will be able to gobble up market share, even if it will be a shrinking pie. Analysts see at least three more years of red ink, and AMC has been raising money to be sure it makes it through this rough patch.<blockquote>让我们从洗牌开始。你真的认为君威会回来吗？AMC一直保持开放，以保持其品牌的活力和相关性。该行业不会善待退出者，随着该行业漫长的回归之路，许多连锁店将以多种方式褪色。AMC将能够吞噬市场份额，即使这将是一个不断缩小的蛋糕。分析师预计至少还会出现三年的亏损，AMC一直在筹集资金，以确保度过这一艰难时期。</blockquote> AMC being the last multiplex operator standing isn't much of a bullish endorsement, but why are bears assuming that the industry itself won't evolve? There is no turning back to traditional theatrical-release windows for the media giants that create films, but why are we assuming that it will be the same product on the silver screen as it is at home? Just as some directors prefer to shoot extra scenes for releases on&nbsp;IMAX, why can't movie theaters offer a differentiated product that's enhanced for the cinematic experience? Ifmedia stockscan back their homegrown streaming service while also generating incremental revenue by giving fans of a new release a different spin on the big screen, why wouldn't they do that?<blockquote>AMC是最后一家站着的多路复用运营商，这并不是什么看涨的认可，但为什么空头认为该行业本身不会发展呢？对于创作电影的媒体巨头来说，传统的影院上映窗口已经没有回头路了，但为什么我们假设它在银幕上和在家里是一样的产品呢？正如一些导演更喜欢为上映拍摄额外的场景一样IMAX，为什么电影院不能提供一种差异化的产品来增强电影体验？如果媒体股票可以支持他们的本土流媒体服务，同时通过在大屏幕上为新版本的粉丝提供不同的旋转来创造增量收入，他们为什么不这样做呢？</blockquote> AMC has made the most of the pandemic lull to beef up mobile ordering for concessions, offer assigned seating for screenings, and even create the option to rent out an entire theater on the cheap. If it can adapt to the future as well as it's trying in the present, do you really want to bet against an industry leader that has raised a ton of dough to make a 24-screen multiplex as flexible and malleable as possible? What if the future of AMC is showing new releases on some of its larger screens but also catering to a fantasy football league on draft night, a rising improv troupe performing live in another, and a charity bingo game at the same time?<blockquote>AMC充分利用了疫情的平静期，加强了移动订购优惠，提供指定的放映座位，甚至创造了以低廉的价格出租整个影院的选项。如果它能够像现在一样适应未来，你真的想和一个已经筹集了大量资金来制造尽可能灵活和可塑性的24屏幕多厅影院的行业领导者打赌吗？如果AMC的未来是在一些更大的屏幕上播放新版本，但也在选秀之夜迎合一个梦幻足球联盟，一个新兴的即兴剧团在另一个屏幕上现场表演，同时还有一个慈善宾果游戏，会怎么样？</blockquote> The country's largest multiplex operator has raised enough money to give it more time than most competitors. Time is optionality. Time is a chance to disrupt itself. Time is a future.<blockquote>该国最大的多路复用运营商已经筹集了足够的资金，比大多数竞争对手有更多的时间。时间是可选的。时间是一个自我颠覆的机会。时间是未来。</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>Is There a Bullish Argument for AMC Entertainment Stock?<blockquote>AMC院线股票有看涨的理由吗？</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\">\nIs There a Bullish Argument for AMC Entertainment Stock?<blockquote>AMC院线股票有看涨的理由吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-03-08 23:09\n\n</h4>\n</header>\n<article>\nIt's so easy to hate on the country's leading multiplex operator. Let's see if we can screen a Hollywood ending.<blockquote>人们很容易讨厌这个国家领先的多路复用运营商。让我们看看能不能放映一个好莱坞式的结局。</blockquote> I'm going to attempt what I haven't seen even the most ardent&nbsp;AMC Entertainment Holdings&nbsp;(NYSE:AMC)&nbsp;bull do: make a viable long-term argument for owning a piece of the reeling multiplex operator. You don't see too many AMC shareholders realistically talking about the long-term fundamentals. I want to give it a shot.<blockquote>我要尝试我从未见过的即使是最热情的AMC院线控股（纽约证券交易所股票代码：AMC）牛市：为拥有这家摇摇欲坠的多路复用运营商的一部分提出可行的长期论据。你不会看到太多AMC股东现实地谈论长期基本面。我想试一试。</blockquote> AMC bulls talk a good chart game. They point to technical analysis, short squeezes, and the mother of all gamma squeezes as catalysts for their enthusiasm. If they're feeling particularly inspired, they may even venture off into conspiracy theories about hedge funds and analysts working together to keep the longs down.<blockquote>AMC多头谈论一场精彩的图表游戏。他们指出技术分析、空头挤压和所有伽马挤压之母是他们热情的催化剂。如果他们感到特别受鼓舞，他们甚至可能会冒险进入对冲基金和分析师共同努力压低多头的阴谋论。</blockquote> It's always darkest before the plot twist<blockquote>剧情转折前总是最黑暗的</blockquote> The highest AMC stock-price target among the leading Wall Street firms is just $5.50. If you think that these analysts have more to gain by feeding your conspiracy theory narrative than by playing nice with AMC to earn the long tail of underwriting proceeds from the inevitable years of secondary stock and debt offerings, you might want to rethink who is playing on what team here.<blockquote>华尔街领先公司中AMC的最高目标股价仅为5.50美元。如果你认为这些分析师通过迎合你的阴谋论叙事比通过与AMC友好相处以从不可避免的多年二级股票和债务发行中赚取承销收益的长尾获得更多收益，你可能需要重新思考谁在玩什么在这里的团队。</blockquote> The speculative talk about hedgies and near-term price moves seems to dismiss the math. Short interest recently hit its lowest level in almost two years. We're well below the peak short interest set a whopping 14 months ago. Press an AMC long about fundamentals, and the bullish case lands somewhere between \"pent-up demand\" and consumers longing for an experience that can't be duplicated at home.<blockquote>关于对冲和近期价格走势的投机性讨论似乎忽略了数学。空头兴趣最近触及近两年来的最低水平。我们远低于14个月前创下的空头利息峰值。按下AMC多头关于基本面的信息，看涨的情况介于“被压抑的需求”和渴望在国内无法复制的体验的消费者之间。</blockquote> Lost in the bullish talking points is that this isn't just a consumer-demand problem. There's a real supply issue at the other end of the COVID-19 tunnel. It's been an eternity since theaters shut down in mid-March of last year. Since the shutdown, we've seen several new streaming services launch -- including HBO Max, Peacock, and now Paramount+ -- and they're all owned by media giants with movie studios that are now prioritizing their direct-to-consumer platforms over theatrical distribution.<blockquote>看涨的话题中忽略的是，这不仅仅是消费者需求的问题。新冠肺炎隧道的另一端存在真正的供应问题。自从去年三月中旬剧院关闭以来，已经过去了很长时间。自关闭以来，我们已经看到几个新的流媒体服务推出——包括HBO Max、Peacock和现在的Paramount+——它们都归媒体巨头所有，电影工作室现在优先考虑他们的直接面向消费者平台而不是影院发行。</blockquote> The genie's out of the bottle. Waiting three months after a theatrical release is no longer on the menu for most Hollywood studios, and streaming consumption has only gone up -- not down -- in recent months as states relax their pandemic guidelines. A lifetime ago you would've only seenComing to America 2,Raya and the Last Dragon, andThe SpongBob Movie: Sponge on the Runat a multiplex near you. Instead you could've seen all three of those U.S. premieres from the comfort of your own bandwidth-blessed home.<blockquote>精灵从瓶子里出来了。大多数好莱坞电影公司不再需要在影院上映后等待三个月，而且近几个月来，随着各州放松疫情指导方针，流媒体消费只会上升，而不是下降。上辈子你只会看到来到美国2,拉亚和最后的龙，和海绵宝宝电影：奔跑中的海绵在你附近的多厅影院。相反，你可以在自己带宽充足的家中舒适地观看这三部美国首映。</blockquote> And now: your feature presentation<blockquote>现在：您的功能演示</blockquote> By now, it may seem that this is just another burn piece on AMC. You were promised a bull argument, and it's just been a bullet-hole-riddling sport for bearish enjoyment. If you made it this far, let me deliver on what I promised.<blockquote>到目前为止，这似乎只是AMC的另一个热点。你得到了看涨的承诺，但这只是一场充满弹孔的看跌运动。如果你能走到这一步，让我兑现我的承诺。</blockquote> AMC is a survivor, and not just because it's been around for 101 years. When its largest rival,Cineworld Group's Regal Cinemas, shut down its projectors in October, I suggested that AMC may be thehottest stock of 2021. The shares have nearly quadrupled this year, so that article's call is off to a pretty good start this young year.<blockquote>AMC是一个幸存者，不仅仅是因为它已经存在了101年。当它最大的竞争对手，Cineworld集团Regal Cinemas在10月份关闭了放映机，我认为AMC可能是2021年最热门的股票。该股今年几乎翻了两番，因此该文章的看涨期权在今年有了一个良好的开端。</blockquote> It's also true that I've been critical about AMC's prospects. I won't take back my concerns that consumers arechoosing to stay homeand that Hollywood studios havemore to feednow than just the cuckoo-chick nuisance that theater chains were when they used to rule the nest. The pre-2020 model won't work in the future, but it doesn't mean that AMC is toast.<blockquote>我确实对AMC的前景持批评态度。我不会收回我的担忧，即消费者选择呆在家里，好莱坞电影公司现在有更多的东西要养活，而不仅仅是连锁影院过去统治巢穴时的布谷鸟般的麻烦。2020年之前的模式在未来行不通，但这并不意味着AMC就完蛋了。</blockquote> Let's start with the shake-out. Do you really think that Regal is coming back? AMC has stayed open to keep its brand alive and relevant. The industry isn't going to look kindly on the quitters, and with the long road back for the industry, a lot of chains will fade to black in more ways than one. AMC will be able to gobble up market share, even if it will be a shrinking pie. Analysts see at least three more years of red ink, and AMC has been raising money to be sure it makes it through this rough patch.<blockquote>让我们从洗牌开始。你真的认为君威会回来吗？AMC一直保持开放，以保持其品牌的活力和相关性。该行业不会善待退出者，随着该行业漫长的回归之路，许多连锁店将以多种方式褪色。AMC将能够吞噬市场份额，即使这将是一个不断缩小的蛋糕。分析师预计至少还会出现三年的亏损，AMC一直在筹集资金，以确保度过这一艰难时期。</blockquote> AMC being the last multiplex operator standing isn't much of a bullish endorsement, but why are bears assuming that the industry itself won't evolve? There is no turning back to traditional theatrical-release windows for the media giants that create films, but why are we assuming that it will be the same product on the silver screen as it is at home? Just as some directors prefer to shoot extra scenes for releases on&nbsp;IMAX, why can't movie theaters offer a differentiated product that's enhanced for the cinematic experience? Ifmedia stockscan back their homegrown streaming service while also generating incremental revenue by giving fans of a new release a different spin on the big screen, why wouldn't they do that?<blockquote>AMC是最后一家站着的多路复用运营商，这并不是什么看涨的认可，但为什么空头认为该行业本身不会发展呢？对于创作电影的媒体巨头来说，传统的影院上映窗口已经没有回头路了，但为什么我们假设它在银幕上和在家里是一样的产品呢？正如一些导演更喜欢为上映拍摄额外的场景一样IMAX，为什么电影院不能提供一种差异化的产品来增强电影体验？如果媒体股票可以支持他们的本土流媒体服务，同时通过在大屏幕上为新版本的粉丝提供不同的旋转来创造增量收入，他们为什么不这样做呢？</blockquote> AMC has made the most of the pandemic lull to beef up mobile ordering for concessions, offer assigned seating for screenings, and even create the option to rent out an entire theater on the cheap. If it can adapt to the future as well as it's trying in the present, do you really want to bet against an industry leader that has raised a ton of dough to make a 24-screen multiplex as flexible and malleable as possible? What if the future of AMC is showing new releases on some of its larger screens but also catering to a fantasy football league on draft night, a rising improv troupe performing live in another, and a charity bingo game at the same time?<blockquote>AMC充分利用了疫情的平静期，加强了移动订购优惠，提供指定的放映座位，甚至创造了以低廉的价格出租整个影院的选项。如果它能够像现在一样适应未来，你真的想和一个已经筹集了大量资金来制造尽可能灵活和可塑性的24屏幕多厅影院的行业领导者打赌吗？如果AMC的未来是在一些更大的屏幕上播放新版本，但也在选秀之夜迎合一个梦幻足球联盟，一个新兴的即兴剧团在另一个屏幕上现场表演，同时还有一个慈善宾果游戏，会怎么样？</blockquote> The country's largest multiplex operator has raised enough money to give it more time than most competitors. Time is optionality. Time is a chance to disrupt itself. Time is a future.<blockquote>该国最大的多路复用运营商已经筹集了足够的资金，比大多数竞争对手有更多的时间。时间是可选的。时间是一个自我颠覆的机会。时间是未来。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/03/08/is-there-a-bullish-argument-for-amc-entertainment/\">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/2021/03/08/is-there-a-bullish-argument-for-amc-entertainment/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165621021","content_text":"It's so easy to hate on the country's leading multiplex operator. Let's see if we can screen a Hollywood ending.\nI'm going to attempt what I haven't seen even the most ardent AMC Entertainment Holdings (NYSE:AMC) bull do: make a viable long-term argument for owning a piece of the reeling multiplex operator. You don't see too many AMC shareholders realistically talking about the long-term fundamentals. I want to give it a shot.\nAMC bulls talk a good chart game. They point to technical analysis, short squeezes, and the mother of all gamma squeezes as catalysts for their enthusiasm. If they're feeling particularly inspired, they may even venture off into conspiracy theories about hedge funds and analysts working together to keep the longs down.\nIt's always darkest before the plot twist\nThe highest AMC stock-price target among the leading Wall Street firms is just $5.50. If you think that these analysts have more to gain by feeding your conspiracy theory narrative than by playing nice with AMC to earn the long tail of underwriting proceeds from the inevitable years of secondary stock and debt offerings, you might want to rethink who is playing on what team here.\nThe speculative talk about hedgies and near-term price moves seems to dismiss the math. Short interest recently hit its lowest level in almost two years. We're well below the peak short interest set a whopping 14 months ago. Press an AMC long about fundamentals, and the bullish case lands somewhere between \"pent-up demand\" and consumers longing for an experience that can't be duplicated at home.\nLost in the bullish talking points is that this isn't just a consumer-demand problem. There's a real supply issue at the other end of the COVID-19 tunnel. It's been an eternity since theaters shut down in mid-March of last year. Since the shutdown, we've seen several new streaming services launch -- including HBO Max, Peacock, and now Paramount+ -- and they're all owned by media giants with movie studios that are now prioritizing their direct-to-consumer platforms over theatrical distribution.\nThe genie's out of the bottle. Waiting three months after a theatrical release is no longer on the menu for most Hollywood studios, and streaming consumption has only gone up -- not down -- in recent months as states relax their pandemic guidelines. A lifetime ago you would've only seenComing to America 2,Raya and the Last Dragon, andThe SpongBob Movie: Sponge on the Runat a multiplex near you. Instead you could've seen all three of those U.S. premieres from the comfort of your own bandwidth-blessed home.\nAnd now: your feature presentation\nBy now, it may seem that this is just another burn piece on AMC. You were promised a bull argument, and it's just been a bullet-hole-riddling sport for bearish enjoyment. If you made it this far, let me deliver on what I promised.\nAMC is a survivor, and not just because it's been around for 101 years. When its largest rival,Cineworld Group's Regal Cinemas, shut down its projectors in October, I suggested that AMC may be thehottest stock of 2021. The shares have nearly quadrupled this year, so that article's call is off to a pretty good start this young year.\nIt's also true that I've been critical about AMC's prospects. I won't take back my concerns that consumers arechoosing to stay homeand that Hollywood studios havemore to feednow than just the cuckoo-chick nuisance that theater chains were when they used to rule the nest. The pre-2020 model won't work in the future, but it doesn't mean that AMC is toast.\nLet's start with the shake-out. Do you really think that Regal is coming back? AMC has stayed open to keep its brand alive and relevant. The industry isn't going to look kindly on the quitters, and with the long road back for the industry, a lot of chains will fade to black in more ways than one. AMC will be able to gobble up market share, even if it will be a shrinking pie. Analysts see at least three more years of red ink, and AMC has been raising money to be sure it makes it through this rough patch.\nAMC being the last multiplex operator standing isn't much of a bullish endorsement, but why are bears assuming that the industry itself won't evolve? There is no turning back to traditional theatrical-release windows for the media giants that create films, but why are we assuming that it will be the same product on the silver screen as it is at home? Just as some directors prefer to shoot extra scenes for releases on IMAX, why can't movie theaters offer a differentiated product that's enhanced for the cinematic experience? Ifmedia stockscan back their homegrown streaming service while also generating incremental revenue by giving fans of a new release a different spin on the big screen, why wouldn't they do that?\nAMC has made the most of the pandemic lull to beef up mobile ordering for concessions, offer assigned seating for screenings, and even create the option to rent out an entire theater on the cheap. If it can adapt to the future as well as it's trying in the present, do you really want to bet against an industry leader that has raised a ton of dough to make a 24-screen multiplex as flexible and malleable as possible? What if the future of AMC is showing new releases on some of its larger screens but also catering to a fantasy football league on draft night, a rising improv troupe performing live in another, and a charity bingo game at the same time?\nThe country's largest multiplex operator has raised enough money to give it more time than most competitors. Time is optionality. Time is a chance to disrupt itself. Time is a future.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1272,"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":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}