Inside AMC’s Wall Street Surge: A ‘David Vs Goliath’ Reddit Battle

Sean Burch
·1 min read

In a matter of days, AMC Theatres has moved from its death bed to a penthouse suite, as the nation’s largest cinema chain continued its recent Wall Street surge on Wednesday, with its stock price skyrocketing 301%. Industry experts say there’s little reason for AMC executives to be concerned about the sustainability of the sudden spike. What’s behind the monumental move? AMC now finds itself at the center of a trading “revolution,” according to Gerber Kawasaki financial advisor Brett Sifling, thanks to Reddit users on the popular Wall Street Bets forum throwing their collective support behind the theater chain. Wall Street Bets has been targeting big-name companies that have fallen on hard times and are heavily shorted by hedge funds. (GameStop, which has seen its stock price run from $20 to $320 in a matter of weeks behind strong Wall Street Bets support, has been the movement’s poster child. Elon Musk sending a supportive tweet about WSB on Tuesday didn’t hurt GameStop’s momentum, either.) And AMC, which has been decimated by the coronavirus pandemic, certainly fits the mold. Up until a few days ago, AMC was facing imminent demise, with the company warning it was close to running out of...

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