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Stocks of
AMC Entertainment Holdings is a company that produces movies.
Since the beginning of June, (AMC) has nearly completely given up all of its gains. This comes at a time when meme stocks have been plummeting. AMC (ticker: AMC) shares finished at $33.43 on Wednesday, their lowest closing since June 1, when a new surge was just getting started. The stock had risen by as much as 95 percent since then. However, since its latest high, the stock has dropped by 47%.
On Thursday, AMC was expected to start 6% down, at $31.45. This comes as a general sell-off in meme stocks.
GameStop
(GME),
Bed Bath & Beyond is a retailer that sells home goods.
(BBBY), as well as
BlackBerry
(BB) are all trending in the same direction as AMC stock. They all rose sharply from their June 1 closing levels, but have since given up all or most of their gains. Since June 1, GameStop, Bed Bath & Beyond, and BlackBerry have all increased by at least 21%. On Wednesday, GameStop and BlackBerry both closed lower than their June 1 highs, with BlackBerry closing only 2.3 percent higher. AMC is still up 1,500% so far this year. In January, it was trading at just over $2 a share, then climbed to $20 by the end of the month before plummeting. However, because households still had abundant cash savings, the meme stock market accelerated.
The stock’s future move is anyone’s guess, but the volatility is likely to continue for some time. Jacob Sonenshine can be reached at jacob.sonenshine@barrons.com./n
