Markets

AMC Entertainment shares climb again after push by netizens

By Pratiksha

AMC Entertainment Holdings Inc. picked up for a fifth straight day as retail investors flooded chatrooms and social-media platforms trying again to augment the movie theater’s shares, reported Bloomberg.

The hashtag, ‘#AMCSqueeze’ kept trending on Twitter and Reddit users hyped up each other’s diamond hands for continuing to load up the company. The company along with GameStop Corp. became the face of meme stocks in January.

The Leawood, Kansas-based company surged by 33% to $13.75 at 2:13 PM in New York, more than doubling profits even after AMC declared it had collected around $428 million by selling shares.

The movie theater chain wasn’t the only one in staging a rally on Thursday as a handful of retail-trader favorites spiked up after a Robinhood blog post stated that users can now employ options contracts in the app. GameStop jumped by around 15%, whereas Koss Corp. spiked by as much as 25% and Express Inc. soared by 19%.

 

Tags: #sharemarket AMC Entertainment

Pratiksha

Pratiksha is a student of English Journalism at the Indian Institute of Mass Communication. A media enthusiast and a passionate story teller, she aims to tell as many stories as she can through her journalism. Pratiksha is currently working as a current affairs journalist at USAnewshour.com and can be reached at pratiiksha1119@gmail.com