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That's the paper hands CEO that's got to go, I'm sure this is posted, I'm always late to the party.
AMC Stock Finally Falls After It Says It Will Sell 11.6 Million Shares -- Barrons.com
8:48 am ET June 3, 2021 (Dow Jones) Print
Connor Smith
AMC Entertainment is selling more stock. That put a dent in the so-called meme stock's premarket rally -- for now.
AMC on Thursday filed to sell 11.6 million shares at market prices. The meme stock -- which nearly doubled on Wednesday -- fell on the news.
AMC said it would use any proceeds from the sale for "general corporate purposes, which may include the repayment, refinancing, redemption or repurchase of existing indebtedness, acquisition of theatre assets, working capital or capital expenditures and other investments."
The company said earlier this week it sold 8.5 million shares to investment firm Mudrick Capital, which reportedly sold its stake at a profit that same day. AMC CEO Adam Aron at the time characterized the stock sale not as mindless dilution, but "very smart raising of cash so that we can grow this company."
AMC stock fell as much as 10% in Thursday's premarket session before paring back losses. At a recent check, shares were down 8.5%, after being up around 20% before the filing.
That drop comes on the heels of an incredible run for AMC stock on Wednesday that pushed the movie-theater chain's market capitalization above GameStop's (GME), its peer in the meme trade. The rallies in both stocks put short sellers betting against them down big.
AMC stock climbed 95% to $62.55 on Wednesday, bringing its market cap to $28.17 billion. GameStop jumped 13% to $282.24, hitting a $19.97 billion market cap. Shares of both companies have rallied amid heightened short interest, options volume, and enthusiasm from retail traders.
Ihor Dusaniwsky, managing director at the short selling analytics firm S3 Partners, told Barron's he estimates AMC's short interest was recently at 90.87 million shares, or about 18% of shares available for trading. He pegs GameStop's short interest at 11.31 million shares or 19.8% of the float.
Dusaniwsky said short sellers betting against AMC were down $2.77 billion on Wednesday alone, bringing year-to-date losses to more than $5.22 billion. For GameStop, he estimates a loss of $375.7 million on Wednesday, and $7.15 billion in 2021.
Other meme stocks that surged on Wednesday were mixed on Thursday. Bed Bath & Beyond (BBBY) stock was down 9%, BlackBerry (BB) shares were up 17%, and GameStop was down 4.7%.
The recent resurgence of meme stocks has once again brought mainstream attention to Wall Street. On Reddit investing forums such as WallStreetBets and AMCStock, the recent action has been celebrated as a win for the average person. But not everyone has been so enthused.
"I never would have believed it, but the recklessness of a segment of retail investors appears to have no bounds in this market," Whitney Tilson of Empire Financial Research wrote in a note Wednesday. "This type of short-term rally is to be expected, and for stocks like these, this is an opportunity to add to a short or put position because it's clearly a dead-cat bounce."
David Trainer, CEO of investment research firm New Constructs, wrote that AMC's business was trending in the wrong direction before the pandemic. Since then, he noted that AMC has diluted existing shares via millions in stock sales, adding that the stock is worthless considering its debt load and weak earnings prospects.
"The surge in shares of AMC Entertainment is yet another sign of the reckless meme stock-driven investing landscape that we find ourselves in today," Trainer said. "Wall Street insiders are preying on the naivete of retail meme stock traders. There is no fundamental reason to be buying shares of AMC Entertainment."
What's ahead for investors is anyone's guess. Calling a top for meme stocks has been a fool's errand this year. But eventually, the fundamentals will need to catch up to the valuation.
Write to Connor Smith at connor.smith@barrons.com
This is Rich in Fu@kery IMO, means we are far from the squeeze, buy and hodl
AMC, GameStop Bets Put Short Sellers Down More Than $3 Billion on Wednesday -- Barrons.com
4:59 am ET June 3, 2021 (Dow Jones) Print
Connor Smith
AMC Entertainment's market capitalization eclipsed GameStop, its peer in the so-called meme stock trade, on Wednesday. But any way you slice the incredible rallies in these stocks, short sellers betting against them are down big.
AMC stock climbed 95% to $62.55 on Wednesday, bringing its market cap to $28.17 billion. GameStop jumped 13% to $282.24, hitting a $19.97 billion market cap. Shares of both companies have rallied amid heightened short interest, options volume, and enthusiasm from retail traders.
Ihor Dusaniwsky, managing director at the short selling analytics firm S3 Partners, told Barron's he estimates AMC's short interest was recently at 90.87 million shares, or about 18% of shares available for trading. He pegs GameStop's short interest at 11.31 million shares or 19.8% of the float.
Dusaniwsky said short sellers betting against AMC were down $2.77 billion on Wednesday alone, bringing year-to-date losses to more than $5.22 billion. For GameStop, he estimates a loss of $375.7 million on Wednesday, and $7.15 billion in 2021.
Other meme stocks, including Bed Bath & Beyond (BBBY) and BlackBerry (BB), surged on Wednesday too.
The recent resurgence of meme stocks has once again brought mainstream attention to Wall Street. On Reddit investing forums such as WallStreetBets and AMCStock, the recent action has been celebrated as a win for the average person. But not everyone has been so enthused.
"I never would have believed it, but the recklessness of a segment of retail investors appears to have no bounds in this market," Whitney Tilson of Empire Financial Research wrote in a note Wednesday. "This type of short-term rally is to be expected, and for stocks like these, this is an opportunity to add to a short or put position because it's clearly a dead-cat bounce."
David Trainer, CEO of investment research firm New Constructs, wrote that AMC's business was trending in the wrong direction before the pandemic. Since then, he noted that AMC has diluted existing shares via millions in stock sales, adding that the stock is worthless considering its debt load and weak earnings prospects.
"The surge in shares of AMC Entertainment is yet another sign of the reckless meme stock-driven investing landscape that we find ourselves in today," Trainer said. "Wall Street insiders are preying on the naivete of retail meme stock traders. There is no fundamental reason to be buying shares of AMC Entertainment."
What's ahead for investors is anyone's guess. Calling a top for meme stocks has been a fool's errand this year. But eventually, the fundamentals will need to catch up to the valuation.
Write to Connor Smith at connor.smith@barrons.com
(END) Dow Jones Newswires
What's up with that, Paper Hands CEO sells 230 million dollars of our stock and he gives us popcorn.
I'll bet Lou will just love that trade!
8 times, how in hell are they going to buy back all the counterfeit shares they sold from Diamond Hands?
Halted 8 times stealing shares from Paper Hands, chit.........
Bam, I have watched the videos, I've heard Deep Voice get excited about these consolidations, I just don't get it. When you're looking at Level II, these consolidations are Apes buying counterfeit shares, why is that better than Apes buying from Paper Hands?
I hope I get schooled like this every damn day.
Yup, that's the guy I'd like to manage my money, he wouldn't buy AMC for anything higher than a dollar.
That said, I also wouldn't want to play cards with the jerk, how in hell can he lie like that with a straight face.
Also, he's on TD-A That means, Ameritrade is in deep doodoo, too
That's the kind of chit that ABC, NBC and CBS should have on their nightly news, but you won't see it.
Yes, I'm back talking about the Secret Police, they report what they are told to report, not the news.
You're right, Lou is not only spot on, but one funny dude.
I'm with you Boboo, those bastards have torn my insides out without a care in the world, this is sweet. In blind justice, even WKHS is up today, the same HF bastards took that company down the same day that Biden went with none EV postal trucks, WKHS needs funding, do you think the HF's cared. Ha, bankrupt them and never close position, never pay taxes. Yes, Boboo, this is sweet!
APES are in the drivers seat, the passenger seat, the back seat the damn apes own the float, the damn Apes are running everyone off of the road Hodl
We need to see what's happening at 300 before we sell, we could still be building a base, HODL
This is not the squeeze, Hodl
The squeeze hasn't been started, they are still printing shares, Hodl
Just watched 5 seconds of AMC L2. That's all you need to look at to see that they are still printing counterfeit shares, crazy fools
Good luck to them when they go public
BB, I still strongly believe in Vascepa, AMRN just had a fool for a CEO (IMO) I know from Majac that you and him talked, I just feel anything and everything Thero touched turned into chit, doesn't matter, I'm finally whole, while still taking my four a day.
Side Off Topic, anyone with a bad ticker, AMRN as a stock, sucks IMO however, VASCEPA works, I have hemochromatosis, somehow, since taking Vascepa, my blood work has come back as if I didn't have HH.
Anyone with HH, please PM me, I'll be happy to share my blood records.
Don't let AMC stock price cause a heart event!
I wrote puts on AMC, they have upped the maintenance requirement, they are sneaky little bastards, I trade with TD Ameritrade, I'm guessing they have dirt on their hands, too.
Now I know where that guy got the saying, "Dirt Dogs" kind of fits right here, too.
Lou could use Dirt Dogs along with some of his colorful lines of wit!
OTM calls in AMC, there's no such thing. Just open us back up, I'm going to buy me one share, where's that Govenor dude, I own an extra share because of his smart ass mouth.
TT, don't worry, we are to dumb to sell, we don't know how to sell, we just gotta hodl
How can that be, just yesterday we were all crazy, or was it just plan DUMB.
Say, what color crayon did you say tasted best?
I believe it's safe to say that someone is seriously fu@ked, I think that he knows it, too!
Can one of the board monitors stick this post?
I do not watch all of Lou's videos, I'm pretty happy to have taken in today's. I find his colorful language entertaining all by itself, plus, I didn't like being blindsided yesterday by the company selling even more shares, so Lou did find the perfect words for our paper handed CEO.
Damn nearly worthy of being on the Sliver Screen!
I'll be damn if I can figure out why you didn't add the Federal Reserve right along with Big Banks and Hedge Funds, you don't think the Fed printing dollars is just as screwed up as the HF's printing counterfeit shares?
Oh, yea, that's right, the Fed are already buying with their QE. I believe you need to come up with a better plan for real enforcement, it just needs to be for all the bad actors!
CNBC should be worried about why AA is going on Twitter and Youtube, not on CNBC, in fact CNBC should be worried about CNBC.
There's some smart people on Twitter and Reddit, perhaps they are getting a bit upset with CNBC calling us, dumb.
While I don't believe it's an Ape thing to short, but hasn't ViacomCBS Inc NASDAQ: VIAC already taken a serious hit with an army of Apes getting after it? I think they should worry about calling other people stupid, who the hell do they think they are, they certainly aren't Lou.
IMO, that's that's Lou's Best Video!
This is no time to be slapping the ask, bang the living hell out of that ask!
BB. at 1945 yesterday, I could see the counterfeiters trying to knock us down, Germany had no part of their nonsense, there's no squeeze while they are still printing crap.
I hope the Apes help take us higher than Thero took us down! Thero crushed me in one freaking day, maybe the Apes will help me heal.
I wish the same for all fellow Apes, like Trey says, we need to Hodl for each other!
Hodl for each other, hodl. I can see the promise land, it is a land where people actually are helping people, all beautiful people.
High Roll,
I'm going to use the pun, brother, you need to Roll with that analogy about being in an IPO, now I know where the hell I'm at, I was lost and now I'm found, it's like Amazing Grace, thanks brother!
Did you watch this video?
Good Morning all, so, I take it Two, that you feel us Apes got lucky with that Murdick Deal. I wouldn't argue that position, nearly looks like we have God on our side.
I've always wondered about who's side God is on when it comes to real wars, we're shooting at some other human, I know he's praying to his God, I'm just wondering which side is God siding with, now after this Murdick deal, did God show his hand? Do we have God on our side?
I hope Adam Aron heard you, no more chit from him, we need Apes on the board. The dude was looking for 500 million extra shares in last vote, MFer is crazy.
THere is no freaking doubt in my mind about the need for major rules/laws/systemic overhauls, nor should there be with our great MIT professor, that I do not trust one damn bit. He's straight from Goldman, Gensler just likes to hide behind being a Professor.
THe only freaking way Gary Gensler could afford to be a Professor is from the money he stole while at Goldman Sachs!
Clearly, My Opinion Only
If anyone wants to see me, go to Level II, I'm there hanging trying to help out my buddy Kenny.
M of D will recognize me.
Seriously Man, not sure how you got in here without 101 noticing you, it's Happy Hour, perhaps he's been over served.
Cheers
Has any one (other than Trey) given any thought on how pissed off Cramer has to be that Adam Aron is going to give out valuable information on Youtube and not on his shit show?
Priceless!
The meaning of 68 is a manifestation of wealth and abundance. All your hard work and sacrifices will finally be rewarded, and it will be a very satisfying period. The angel number 68 also stands for truth and integrity. Seek the truth, and live a life of integrity.
If Icahn was younger, he'd be all over AMC, he probably doesn't even like Griffin, he can't stand Bill Achmen.
I'm going to have a smile on my face when this hits my lucky number, a great big smile when we hit 68!!!
No Hail Mary, great buy, Hodl
Welcome welcome, I'm doing 101's job, damn fool is to busy drinking shots to do his job.
Hang on, JaMo, we are off to the freaking moon!