An AMC theatre is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File Photo
Shares of AMC Entertainment (AMC.N) and other “meme stocks” supported by small-time individual traders jumped on Monday, extending gains into a third week as message boards hummed with hype about the potential to squeeze Wall Street short-sellers.
Market participants have told Reuters that some Wall Street institutional investors are ramping up complex options trades that let them bet the shares will fall while keeping a lid on potential losses if they instead gain. read more
Cinema operator AMC Entertainment Holdings (AMC.N), which almost doubled in value again last week, rose 18.5%, while Microvision (MVIS.O), a developer of laser beam scanning technology, climbed 7.1%.
Data shows AMC has been the top traded stock among clients of brokerages Fidelity and Freetrade, used heavily by amateur and individual investors playing with their own money. read more
On trading-focused social media site Stocktwits, message volume related to AMC – a barometer of interest in the stock – rose 3.3% on Monday.
Among other meme stocks, BlackBerry’s U.S. listing was up 8.6% and videogame retailer GameStop Corp (GME.N) and headphones maker KOSS (KOSS.O) rose 6.6% and 12.1%, respectively.
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