AMC Entertainment stock halted after 92% surge (updated, shares rise 95%)
Jun. 02, 2021 12:30 PM ETAMC Entertainment Holdings, Inc. (AMC)GME, AMCBy: Jason Aycock, SA News Editor293 Comments
- AMC Entertainment stock (NYSE:AMC) has been halted for volatility, up 92% in a surge over and above earlier gains.
- Volume has crossed nearly 410M shares moved, vs. a daily average of about 112M shares.
- It's making its biggest intraday move since the famous January 2021 surge.
- AMC's market cap has now surpassed that of fellow "meme stock" favorite GameStop (NYSE:GME), itself up 7.4% on the day.
- That comes shortly after Whitney Tilson called a short-term top in AMC and other Reddit-popular stocks - though AMC was up just 37% at that time.
- Updated 12:35 p.m.: A resumption brought a quick pullback to a 60.3% gain in one minute of trading, triggering another volatility pause.
- As expected, at the moment "#AMCARMY" and "AMC500k" are among top Twitter trends.
- Updated 12:39 p.m.: Trading has resumed again with a new push, now up 81%.
- Updated 1:06 p.m.: Now up 87.4%, at over $60, the stock is now officially a ten-bagger in just under four months - up 964% since closing at $5.50 on Feb. 9 (that's after the stock's 301% gain on Jan. 27, before a sharp pullback the following week).
- Updated 1:34 p.m.: After resuming from a third halt for volatility, the stock is up 105.4%.
- Updated: After a crazy day, AMC stock wrapped up the regular trading session up 95%. Some 766.5M shares traded hands - nearly seven times normal volume - and created one of the biggest dollar-volume trading days for any stock ever. It may not be over: Shares wrapped the after-hours trading session Wednesday night up another 8.7%.