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Wednesday, May 26, 2021 11:42:33 AM
If this has been posted, my apologizes, for as I said, I'm watching the counterfeiters work and not the board
GameStop, AMC Rally as Day Traders Burn Short-Sellers Again
Bailey Lipschultz
Wed, May 26, 2021, 9:33 AM
(Bloomberg) -- Retail investors are refusing to let go of their commitment to Reddit favorites GameStop Corp. and AMC Entertainment Holdings Inc., propelling shares to their highest levels in months.
GameStop shares rallied as much as 10.3% to $231.04 at 9:32 a.m. in New York while AMC rose 9.7% to $18, adding to recent gains. The jumps came as investors increasingly touted the stocks on social media platforms, using hashtags like #AMC500k on Twitter and pumping their bets in trader chatrooms on Stocktwits and Reddit’s WallStreetBets.
“It looks like the Reddit Raiders are at it again,” says Michael Pachter, analyst at Wedbush Securities. The pair of companies were among the market’s most actively traded stocks early Wednesday after volumes continued to soar. AMC has surged 43% so far this month while GameStop shares have rallied 24%, that compares to the S&P 500 which is flat.
The gains are sure to bring more pain for short-sellers betting against the companies who have already seen $6.8 billion in mark-to-market losses this year, according to S3 Partners. With the retail investor movement regaining steam and both companies having high short interest, there’s potential for a short squeeze, S3 Partners’ managing director of predictive analytics Ihor Dusaniwsky said by email.
“Short sellers may start trimming their positions in the face of continued stock price strength,” he said. Short-sellers have seen mark-to-market losses of about $475 million for the month of May alone, S3 Partners data show.
The pair of stocks have been the best performers in a basket of 37 so-called meme stocks tracked by Bloomberg over the past month. The group’s 5.4% rally on Tuesday pushed it above its 50-day moving average for the first time since March.
Recent AMC News
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- AMC Entertainment Holdings, Inc. Previews Second Quarter 2024 Preliminary Results and Announces Second Quarter 2024 Earnings Webcast • Business Wire • 07/24/2024 01:26:00 PM
- Johnson Controls Division Sold for $8 Billion; Alphabet’s Offer Rejected by Wiz; AMD President Announces Retirement • IH Market News • 07/23/2024 10:00:52 AM
- AMC Entertainment Holdings, Inc. Announces Collaborative Refinancing Transactions that Extend Up To $2.45 Billion of Debt Maturities from 2026 to 2029 and Beyond • Business Wire • 07/22/2024 05:48:00 PM
- Sight & Sound Partners to Premiere Their First Ever LIVE Broadcast into Movie Theaters Nationwide, Courtesy of Fathom Events • GlobeNewswire Inc. • 07/09/2024 02:00:08 PM
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- More Than 4 Million U.S. Moviegoers Spent Part of Their Extended Holiday Weekend at AMC Theatres® as the Company Recorded Its Highest Domestic Attendance – for a Wednesday Through Sunday – in 2024 • Business Wire • 07/08/2024 12:15:00 PM
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- AMC Theatres Offers Movie Lovers Eight Ways to Save at the Movies This Summer • Business Wire • 06/07/2024 10:45:00 AM
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- Mike Rowe Presents SOMETHING TO STAND FOR Coming to Theaters Nationwide - Beginning June 27 • PR Newswire (US) • 05/23/2024 01:00:00 PM
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