AMC Entertainment Holdings Inc (AMC)

[Poooor1]

Positive AMC news article courtesy of Fidelity this morning 29 Nov 2021.


"Giant U.S. Pension Bought AMC, Snowflake, and Tilray. It sold Berkshire Hathaway. -- Barrons.com
BY Dow Jones & Company, Inc.
— 7:00 AM ET 11/29/2021
Ed Lin

The second-largest public pension by assets in the U.S. increased its stake in one of the year's most-volatile stocks, initiated a position in a marijuana grower, and trimmed its exposure to Warren Buffett.

The California State Teachers' Retirement System bought more shares of movie-theater chain AMC Entertainment Holdings ( AMC ) and analytics-software firm Snowflake ( SNOW), acquired shares of the cannabis producer Tilray ( TLRY ) , and reduced its holdings in Berkshire Hathaway ( BRK/A ) ( BRKb), Buffett's investment juggernaut. Calstrs, as the pension is known, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.

Calstrs said it doesn't comment on its holdings or on individual investment managers. The pension managed $321.9 billion in assets as of Oct. 31 .

Calstrs bought 133,512 more shares of AMC to end the third quarter with 689,917 shares. AMC's stock price rocketed nearly 19-fold in the first nine months of the year, and so far in the fourth quarter shares are down 1%. For comparison, the S&P 500 index rose 15% in the first nine months, and has gained 6.7% so far in the fourth quarter.

AMC stock caught fire during the meme-stock frenzy early in the year, when small investors communicating via social media bought shares of beaten-down companies in hopes of triggering gains that would force people who had bet against those stocks to buy in order to close their bets. The trend led to a surge in volatility that prompted the Federal Reserve to warn this month that meme-stock related market swings could be a risk to the financial system. AMC's third- quarter results were better than expected, and the chain is now accepting cryptocurrencies for online payments."