![]() AMC CEO Adam Aron told CNBC in 2019 that despite all-time high ticket sales numbers and solid earnings, that traders had been playing games with their stock. Even before the pandemic, AMC complained of being a victim of short-selling. Their stock selections coincide with some of the most short-sold companies in recent years, a market practice in which traders profit by bet against already struggling companies, borrowing shares, selling them and buying them back even lower before returning them to their original holders. It might have started out as a prank, but the r/wallstreetbets army have come to see themselves as crusaders against Wall Street, “boomers,” elites and anyone else who can be blamed for American inequality. This kind of nostalgic or humorous investment has already been dubbed a “meme stock ,” or to some, “stonks.” On one level, r/wallstreetbets decided to blow up companies that they think would be funny to watch their stock soar, for instance an outdated mallcore video game company, one which Reddit’s gamer-centric user base likely has personal history with. R/wallstreetbets’ Wall Street invasion is a combination of a meme, get-rich-quick-scheme and class warfare campaign. This morning, AMC reduced their debt by $600 million, issuing 44.4 million new shares, to capitalize on their unlikely momentum. One day later, their stock began to rise and by Wednesday, Reddit traders had erased the theatre’s pandemic losses on the stock market. They finally got it on Monday, announcing they’d secured $917 million to help them stay solvent through 2021 between stock options and a loan from their European subsidiary Odeon. At the end of last year, AMC said in an SEC filing that they were weeks away from bankruptcy, as they desperately hunted for funding. AMC HOLD THE LINE MOVIEOnce dominant, thanks to a pre-existing $5 billion debt load, AMC was hit harder than peers by Covid-19, which shrunk the number of movies released this year, turbo-charged the trend towards streaming-only debuts and killed movie attendance for obvious reasons. The power of Reddit and retail tradersĪMC is America’s largest theatre chain with 8,000 locations across the U.S. ![]() Shares fell in after-hours trading, as of 8:30PM Wednesday, trading at $14.60 and began dropping as trading opened today. The spike comes despite a disastrous year for movie-going and movie-making that sent AMC to the top of the bankruptcy watch list that saw AMC’s stock dip below $2 in early January. On Wednesday, AMC’s shares hit a high of $20, up over 300% from their Tuesday closing price of $4.96. Now, the 4.6 million subscribers of r/wallstreetbets, which has ballooned as bored users stuck at home got into Robinhood and TDAmeritrade, are descending on ailing cinema behemoth AMC. This week, a mob of amateur traders coordinated on the blogging platform to buy up thousands of shares of the mall favorite game retailer GameStop’s extremely low-demand stock, driving the price to record highs, up over 1,700%. Please be careful out there.Wall Street’s hottest new hedge fund is a Reddit community called r/wallstreetbets. We do not infer or offer any financial advice. ![]() AMC HOLD THE LINE FREEThanks for looking at our clothing, if we can help with anything at all then please feel free to send us a message Disclaimer: We have no position or stock holdings. Also if it's a gift again please let us know so we can keep the price out of the paperwork. Please message us with your requirements. ![]() AMC HOLD THE LINE FULLWe offer full customisation to make your items extra special, we also try not to charge the earth for it. We just know it isn't always easy to buy online, so it's an added perk from us. This does not affect your normal rights as a buyer. This means if for any reason you want to return the item (Why would you though, it's awesome) as long as it's within 14 days and unworn you can send it back for a full refund. To make things easier we have a 14 day no quibble returns policy. Our Mens t-shirts are a comfy fit in the following sizes - Small - 34 -36" Medium - 38/40" Large - 42/44" XL - 46/48" XXL - 50/52" Shopping for clothes online can be a tricky, it happened to all of us. Our Mens tees are proudly designed and printed here in the UK, with fast worldwide insured shipping. If you have Diamond hands like an Ape then this Emoji T Shirt is perfect for you. The GME & AMC Meme stock trading from Wallstreetbets on Reddit will fundamentally change things forever. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |