They are using a very similar play-book," Sosnick said.Ĭall options that would pay off if the shares topped $73 by Friday were the most heavily trade AMC options on Wednesday, with about 233,000 contracts changing hands. "People have learnt what tactics work under these insane circumstances. Some of the upward price move in AMC is likely being driven by market makers buying up stock to hedge their exposure from selling options, an event known as a “gamma squeeze,” analysts said. GameStop shares rose more than 1,600% in January, buoyed in part by bearish investors unwinding their bets against the heavily shorted stock in the face of a massive buying surge. "It's meme stock 2.0.,” said Steve Sosnick, Chief Strategist at Interactive Brokers. The massive rise in AMC's shares, which are up about 2,850% from just over $2 at the end of last year, is beginning to resemble the wild ride in shares of GameStop earlier this year. In an apparent nod to the retail investors that have hyped the stock in forums such as Reddit’s popular WallStreetBets, AMC CEO Adam Aron on Wednesday announced an initiative that offered even the smallest shareholder a free large popcorn if they signed up to a regular newsletter.Īmong other so-called meme stocks - companies popular with a new generation of social media centric traders on WallStreetBets and other online forums - security software provider BlackBerry and headphone maker Koss Corp (KOSS.O) rose 31.1% and 68.6%, respectively. At the close, AMC's market value stood at $28.17 billion, more than ViacomCBS (VIAC.O) and Kellogg (K.N), as well as fellow meme-stock GameStop (GME.N).
The theater chain operator's shares closed up 95.2% at $62.55, a fresh record.
June 2 (Reuters) - Shares of retail investor favorite AMC Entertainment Holdings Inc (AMC.N) nearly doubled in price on Wednesday, extending a breathtaking rally and reinvigorating the meme stock phenomenon that has captivated investors.
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