Investors Tune Out AMC Networks After Q2 Beat

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

AMC Networks Inc AMCX shares were trading lower by $7 at $71.51 after trading as low as $67.66 earlier in the session. The route is taking place despite a Q2 beat for EPS along with better sales. Investors may be reacting to the affiliate subs that were included in the report.

The issue is three days removed from its all-time high ($87.18) made in Monday's session. It shed over $6 in Wednesday's session (falling from $84.63 to $78.51) as the Street hit the panic button on media stocks when Walt Disney Co DIS.

After a lower open ($76.76 vs. Wednesday's close of $78.51), it managed only a $0.04 pop to $77 before seller flooded the issue. The ensuing decline did not come to an end until the issue found support at $67.66 and the rebounded back into the $70 handle.

That marks the lowest level for the issue since it bottomed at $67.63 in February on its way to its all-time high.

Today's decline is taking place on much heavier than average volume. So far, 2.7 million shares have traded compared to its 20-day average of only 634,000.