Shares of meme stock favorite AMC Entertainment Holdings (NYSE: AMC) have been on the decline for the last month, dropping almost 40% in that time. The losses accelerated after shareholders failed to support a new capital raise proposed by the company. But the stock is bouncing back today, jumping 8% early in the session before settling with a gain of 6.8% as of 10:35 a.m. EDT.
Today's buying may be from investors focusing on some positive news related to the underlying business. Much of the stock's volatility this year has been spurred by its meme status from the retail trading crowd on sites like Reddit. But at some point, investors need to watch the business itself, and the company announced an agreement yesterday to reopen two important theaters in the Los Angeles area.
Source Fool.com