 "Free tickets and popcorn as AMC jumps 1,400% in meme stock rally'")
AMC Entertainment Holdings Inc is really leaning into this whole meme-stock phenomenon.
On Wednesday, the movie-theater chain announced that it would reward small-time investors, who have been instrumental in AMC’s wild, logic-defying 1,400 per cent share rally this year, with goodies, such as special screenings, free tickets, and free popcorn. It comes a day after AMC took advantage of those meteoric gains to raise $230 million directly from one of its main creditors, Mudrick Capital Management, and shore up its finances.
While Mudrick quickly dumped its entire stake for a tidy profit and called the company massively overvalued, the Reddit retail-trading crowd was having none of it. Buoyed by AMC’s public embrace, the shares soared 27 per cent to an intraday record on Wednesday after jumping 23 per cent the day before. The gains pushed AMC’s market value to roughly $20 billion, surpassing GameStop.
Another $848 mn blow for short sellers
AMC and GameStop Corp.’s stock rallies Tuesday hammered short sellers to the tune of $848 million, deepening bears’ horrific 2021 losses.
On Wednesday, the movie-theater chain announced that it would reward small-time investors, who have been instrumental in AMC’s wild, logic-defying 1,400 per cent share rally this year, with goodies, such as special screenings, free tickets, and free popcorn. It comes a day after AMC took advantage of those meteoric gains to raise $230 million directly from one of its main creditors, Mudrick Capital Management, and shore up its finances.
While Mudrick quickly dumped its entire stake for a tidy profit and called the company massively overvalued, the Reddit retail-trading crowd was having none of it. Buoyed by AMC’s public embrace, the shares soared 27 per cent to an intraday record on Wednesday after jumping 23 per cent the day before. The gains pushed AMC’s market value to roughly $20 billion, surpassing GameStop.
Another $848 mn blow for short sellers
AMC and GameStop Corp.’s stock rallies Tuesday hammered short sellers to the tune of $848 million, deepening bears’ horrific 2021 losses.
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