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AMC got its meme back on Thursday, sending the stock up 27 percent and, with its heavy volume, outperforming the broader market and other publicly traded theater chains.
The jump was its biggest since May as the stock ended its days as a huge chat room favorite. Volatility is a hallmark of meme stocks, with Bad Bath and Game Stop also high.
“Some days the shorts are in control, and some days the retail investors are in control,” said one Wall Streeter.
AMC ended the session off its highs but still up 13% at $8.18. The broader Dow Jones Industrial Average fell 195 points and the Russell 2000 was also lower. Among other performers, Cinemark rose 1.25 percent to $13.78. Marks was slightly steady at $16.31; Imax was down 0.65% at $16.78.
The giant movie chain has been looking for a way out of a shortfall in the stock since late August after issuing APE securities, or AMC preferred equity units. Apes is also a name for retail investors who are happy to short stocks a lot. APE units, which were above $7 in August, rose just over 1 percent to around 98 cents.
CEO Adam Aaron continues to cultivate his millions of retail investors with projects ranging from selling movie merchandise in supermarkets to AMC Popcorn. “It’s not really going to move the needle,” said Alicia Reese of Wedbush Securities. That said, the company’s new efforts will be to upgrade its European circuit, expand into the Middle East and pay down debt.
Last month, news broke that Amazon was releasing eight to 10 movies a year. Bob Iger’s return to Disney is also seen as an honor, Reese said, because he has historically been a supporter of theater windows.
Avatar: The Path of WaterJames Cameron’s long-awaited sequel to the highest-grossing film of all time opens on December 16. Some folks on Reddit also noted Paramount’s new trailer. Transformers: Rise of the Beasts.
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