Latest News

AMC surges 23%, leading meme stocks higher


AMC (AMC) shares surged as much as 23% to end the session 19% higher on Friday, as meme stocks rallied. AMC closed at $29.12 per share, reversing its recent slump trend. 

The cinema chain announced its highest December night opening ever with a record 1.1 million people attending the premiere of “Spider-Man: No Way Home.” 

“This was the single highest number of people watching one movie on one day at AMC’s U.S. theaters during all of calendar years 2020 and 2021,” according to a company statement.

The “apes” were winning against short-sellers during Friday’s session. AMC short interest is at $2.062 billon with 84.35 million shares shorted, according to data from S3 Partners. 

“AMC shorts are down -$487 million in mark-to-market losses on today’s +23.60% intraday stock price surge,” S3 Partners’s Ihor Dusaniwsky told Yahoo Finance. 

“Looks like Spider-Man and his strong domestic box office opening is catching short sellers along with his arch-villains in his web,” added Dusaniwsky. 

This content is not available due to your privacy preferences.

Update your settings here to see it.

AMC’s blockbuster premiere follows a series of recent announcements related to the company’s expansion into NFTs, or non-fungible tokens. Last week CEO Adam Aron tweeted an NFT for shareholders. 

This content is not available due to your privacy preferences.

Update your settings here to see it.

Friday’s rally positions AMC to end the week higher after a recent decline in meme stocks and other riskier assets. Concerns of the Omicron variant, a more hawkish Fed and recent insiders selling have contributed to prior pressure on the stock. 

Shares of GameStop (GME) another retail trade favorite, closed almost 8% higher on Friday. Year-to-date GME is up more than 800% while AMC shares are up more than 1,340%. 

Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn

Buy These Stocks Before the Santa Claus Rally

Previous article

Market turbulence may be a theme in the holiday week as investors fret over omicron, the Fed

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News