Why AMC Entertainment's Stock Is Jumping Higher Today
Shares of AMC Entertainment (NYSE: AMC) are continuing their run higher this morning, rising 4.8% as of 10:37 a.m. EST. There has been no news specific to the theater operator, but fellow meme stock GameStop (NYSE: GME) is soaring 13% after chairman Ryan Cohen disclosed he bought 100,000 shares of the video game retailer, so it seems traders are reacting to the development.
After a long, steady slide lower over the past year, AMC shares began turning up following the announcement it had purchased a 22% stake in gold and silver mining outfit Hycroft Mining (NASDAQ: HYMC), an all-but-defunct miner that was strapped for cash.
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Source Fool.com