NYSE:AMC jumped 24.47% on Tuesday as reopening stocks bounced back from Monday’s sell off.
AMC opens up the Grove and the Americana at Brand locations in Los Angeles.
Meme stocks hit back as GameStop rallied alongside AMC.
NYSE:AMC has finally woken up from its recent slumber and in a big way. AMC Apes shrugged off the COVID-19 delta variant fears that caused AMC to tumble on Monday, as Wall Street feared that further restrictions could be implemented across the country. Shares of AMC skyrocketed on Tuesday gaining 24.47% to close the trading day at $43.09. The move comes as AMC saw its daily trading volume reach 165 million shares traded on Tuesday, which is way up from its recent daily averages. As of Monday’s close, there were just over 75 million shares in short positions, which makes up approximately 15% of the outstanding float.
AMC announced that it would be reopening two key Los Angeles area locations after they were earlier said to be closed until August. While two locations shouldn’t necessarily account for a near 25% surge in the stock’s price, but considering Los Angeles is one of the most populous cities in America and is right next to Hollywood, it can be assumed that these locations will see more business than the average theater.
AMC wasn’t the only meme stock to see big gains on Tuesday, as GameStop (NYSE:GME) submerged by 10.24% as well. There wasn’t any real news for GameStop that would account for such a jump, although the stock has been under pressure as of late since streaming giant Netflix (NASDAQ:NFLX) announced it would be adding video game access to its current platform. Netflix underwhelmed in its quarterly earnings call after the markets closed on Tuesday, as the company missed on earnings per share and subscriber growth, while narrowly beating on revenues.