AMC, this summer s blockbuster stock, warns of plot twists
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MICHELLE CHAPMAN, AP Business Writer
June 3, 2021
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FILE - In this March 15, 2021, file photo movie patrons arrive to see a film at the AMC 16 theater in Burbank, Calif. AMC is looking to sell up to 11.5 million of its shares, as the movie theater operator looks to capitalize on its meme stock popularity. The announcement in a regulatory filing on Thursday, June 3 comes just two days after the company said it was raising $230.5 million through an 8.5 million share sale.Mark J. Terrill/AP
AMC may sell up to 11.6 million of its shares with a trading phenomenon pushing stock in the movie theater chain up almost 3,000% this year, and 140% just this week.
Other meme stocks popular among retail investors dropped Thursday mirroring AMC s fall. Shares of GameStop, which made headlines earlier this year in a short squeeze fueled by retail traders, erased 10%. Bed Bath & Beyond shares fell nearly 27% after rallying more than 60% the day prior. Shares of Express tumbled about 25% after the retailer announced a stock sale plan of 15 million shares.
Ford – The American auto maker is trading about 5.7% higher after it unveiled a new compact pickup truck called Maverick, which Ford expects to go on sale by the end of the year. The company hopes the addition to its truck lineup will attract more West Coast customers.