(Bloomberg) — There’s no sign that the meme-stock frenzy that propelled AMC Entertainment Holdings Inc. up 1,500% this year is going away.
The shares jumped 33% at 9:36 a.m. in New York on Friday, bringing its market value above $17 billion and adding to a week that’s nearly tripled the value of the company. On social media, traders banded together with the aim of squeezing out short sellers, adopting hashtags like #AMCSTRONG and #AMCSqueeze.
AMC has taken advantage of the enormous rally to raise money and pay down debt. The cinema chain “will carefully examine the raising of additional capital in whatever form we think is most attractive” and is focused on de-leveraging, Chief Executive Officer Adam Aron said on a call to discuss fourth-quarter results in March.
AMC reported a larger-than-expected loss in the first quarter, as moviegoers trickled back to reopened cinemas with little on the film slate to spur a proper recovery for the sector.
In other trading Friday, retailer GameStop Corp., the original meme stock targeted by Reddit users, was up 3.7% to its highest since March, having surged 1,248% this year.
(Updates with opening share move)
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