Why AMC and Its Preferred Stock Are Up Today
Even a blind squirrel occasionally finds an acorn, and that seems to be what's happening on Tuesday with movie theater chain AMC Entertainment Holdings (NYSE: AMC) and its preferred shares, AMC Preferred Equity (NYSE: APE). Both stocks were moving about 6% higher at 11:38 a.m. ET on a day when the S&P 500 is up 48 points, or about 1.3%.
Because there was no news to account for the sudden move higher, chalk it up to the occasional acorns that AMC's squirrels -- or "apes," as they like to refer to themselves -- found today. The theater chain's stock often moves higher on no news, only to quickly give it all back. Shares are down 63% in 2022.
Image source: Getty Images.
Source Fool.com
