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GameStop Corp. (GME) - free report >>
AMC Entertainment Holdings, Inc. (AMC) - free report >>
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GameStop Corp. (GME) - free report >>
AMC Entertainment Holdings, Inc. (AMC) - free report >>
AMC Joins the Reddit Trading Frenzy: Shares Surge 250%
AMC Entertainment (AMC - Free Report) saw its stock price more than quadruple on Wednesday after day traders and retail investors piled into the movie theater giant. AMC was up as much as 360% in pre-market trading, and now trade up over 250%. Shares were halted several times this morning. Over 500 million shares had already changed hands about one hour into the trading day.
Interest in AMC has been growing on the r/wallstreetbets board on Reddit as members seek to recreate GameStop’s (GME - Free Report) meteroic rally. GME is still being driven higher; shares are up almost 140% in midday trading.
Options trading is also fueling GME’s rise: How Options Trading is Fueling the GameStop Rally.
The fervor is resulting in what’s known as a short squeeze: retail investors are piling into a stock to drive the price up so that major firms betting against the stock are forced to buy more shares to cover their losses.
It’s not just GME and AMC. Other heavily shorted stocks are seeing huge price increases today too, and have been all week: Bed Bath & Beyond +27%, BlackBerry (BB - Free Report) +36%, Eastman Kodak (KODK - Free Report) +35%.
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