AMC stock extends surge as Reddit's retail frenzy reaches new heights

The movie-theater chain has a market value of more than $30 billion, making it more valuable than at least half of the companies in the S&P 500 Index.

AMC Entertainment Holdings Inc. extended Wednesday’s surge in premarket trading as the Reddit retail-trading army continued to gorge on the stock, sending it to heights that has left Wall Street pros perplexed.

After rising 95% to a record high in the last regular session, AMC gained 13% to $71.01 as of 4:02 a.m. in New York. The money-losing movie-theater chain has a market value of more than $30 billion, making it more valuable than at least half of the companies in the S&P 500 Index.

While most financial commentators agree that the stock has detached itself from traditional investment fundamentals, they are