AMC considers selling more stock after Reddit-fuelled rally
Kelly Gilblom and Katherine Doherty, Bloomberg News
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AMC Entertainment Holdings Inc. is considering raising money by selling more stock, capitalizing on the unprecedented runup in its shares this week, according to people familiar with the matter.
A stock sale would follow AMC announcing US$917 million in fresh financing Monday, which helped it stave off the threat of bankruptcy. On Wednesday, it said it completed a previously announced at-the-market equity program, raising US$305 million.
The worldâs largest cinema chainâs shares soared as much as 85 per cent on Friday morning in New York, rising as high as US$16. AMCâs 12 per cent bonds also led the U.S. high-yield gainers.
El efecto GameStop podría extenderse aún más provocando tensiones
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GameStop aumenta más de 100% en Bolsa a medida que los corredores alivian restricciones
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(Bloomberg) The turmoil in parts of the U.S. stock market caused by the WallStreetBets crowd has prompted a veteran U.S. trader to ditch his old playbook built up over decades.Larry Peruzzi, the head of international trading at Mischler Financial Group Inc. and a more than three-decade veteran of market action, said he’s spending less time looking at stock fundamentals and a lot more time on technicals and in chat rooms.“We are currently looking a lot less at the balance sheets and a lot more at the chat rooms, trade quickly and avoid trying to use any valuation while trading,” Peruzzi said. “It doesn’t make sense, but in 2020/2021 would we expect anything less?”Markets have been upended in the past week as day traders swarmed over stocks like GameStop Corp. and AMC Entertainment Holdings Inc. in hopes of squeezing out short sellers. It’s worked: Melvin Capital closed out its short position and Citron Capital covered the majority of it
AMC erases pandemic plunge after shares quadruple
Joe Easton, Bloomberg News VIDEO SIGN OUT
AMC Entertainment Holdings Inc. surged Wednesday, wiping out all of last yearâs pandemic losses, fueled by retail trader optimism after the cinema giant raised new funds this week.
The shares more than quadrupled at the open before confronting several trading halts. They were up 204 per cent as of 1 p.m. in New York after earlier reaching the highest level since October 2018. Volume was more than 16 times above the three-month average.
AMC said Monday that US$917 million in new funds would get it through the next six months as the industry battles the effects of COVID-19, which has shuttered venues globally.