AMC Fans Mock Credit Suisse as Share Prices Fall Below Meme Stock

• Supporters of AMC have been mocking Credit Suisse for its recent financial woes after the investment bank gave AMC shares a poor valuation last fall.
• Credit Suisse's stock fell to an all-time low of $1.76 on Wednesday.
• In October, Credit Suisse assigned AMC a penny stock valuation and recommended those holding AMC shares to sell.
• Twitter users such as @AMCcheerleader and Reddit users in r/amcstock were among those taking delight in Credit Suisse's stock troubles.

Supporters of the AMC movie theater chain have taken to social media to mock Credit Suisse's recent financial woes due to the investment bank giving AMC shares a poor valuation last fall.

Shares in Credit Suisse fell to an all-time low of $1.76 on Wednesday, a drop of more than 20 percent, before rebounding to slightly above $2 on Thursday. (AMC's shares were above $4 Thursday on the New York Stock Exchange.) Wednesday's decline followed news that Saudi National Bank, Credit Suisse's largest investor, would not provide the Swiss bank with additional financial assistance. The news about Credit Suisse has prompted concerns of a global banking crisis as it came on the heels of the seizure of two U.S. financial institutions, Silicon Valley Bank (SVB) and Signature Bank.

In early 2021, AMC shares were boosted thanks to a Reddit community and "SaveAMC" memes spread across Twitter and TikTok. However, Credit Suisse indicated in October that it was not a believer in AMC when company analysts rated AMC shares a "sell" with a price target of $0.95.

"Back in October 22 Credit Suisse stated $AMC is worth less than $1. Well today it's our pleasure and firm belief that Credit Suisse is worth less than $1 as a bank itself," one person—whose Twitter bio mentions AMC—tweeted this week.

"I'm old enough to remember Credit Suisse and their $1 $AMC price target—the only thing I see around $1 is their share price this morning in premarket," another person wrote.

In October, Credit Suisse assigned AMC a penny stock valuation and recommended those holding AMC shares to sell. At the time, the movie theater chain's Q2 results came in lower than revenues from the same period in 2019, resulting in the belief that the company had not yet seen people return to theaters they had prior to the coronavirus pandemic.

Ruby Gonzalez, who uses the Twitter handle @AMCcheerleader and was featured in 2022 story by The New York Times on the online support for AMC and GameStop, was also among those taking delight in Credit Suisse's stock troubles.

"5 months later and look who hit that $1 mark first...and it's not $AMC the entertainment movie theatre it's $CS Credit Suisse the leading financial service company, advising clients in all aspects of finance, across the globe and around the clock. What a sad tragic day for their stock," Gonzalez tweeted Wednesday.

"Remember when #CreditSuisse predicted $AMC to head to $0.95? Sounds like a self fulfilling prophecy!" another AMC supporter tweeted.

Users of the Reddit community "r/amcstock" also took brought up Credit Suisse's past prediction regarding AMC.

"Look at the irony, they are the first to be a penny stock," said one member of the Reddit group.

Another person wrote, "I remember their stock was over $100 a share when they said that about AMC lol where's their stock price now lol."

Despite recent news about Credit Suisse, Saudi National Bank Chairman Ammar Al Khudairy tried to assuage fears about the institution during a Thursday interview with CNBC.

"Markets are skittish and they're looking for stories or things that validate concern," Al Khudairy said. "It's panic, a little bit of panic, I believe completely unwarranted, whether it be for Credit Suisse or for the entire market."

A representative for Credit Suisse declined to make comments after Newsweek reached out via email.