Why AMC and Other Meme Stocks Moved Today
Shares of Reddit favorite AMC Entertainment Holdings (NYSE: AMC) continued a bounce from yesterday as the market session got underway Wednesday. That came from news of an executive promotion. The stock initially popped 8% this morning. But shares settled back down, as did those of other favorites among retail traders, including original meme stock GameStop (NYSE: GME) and a brand new addition to the S&P 500 index, Moderna (NASDAQ: MRNA). As of 12:15 p.m. EDT, shares of these names traded as follows:
Image source: Getty Images.
AMC has arguably overtaken GameStop as the most popular stock discussed on social media sites recently. The retail traders on Reddit's WallStreetBets forum have designated themselves "apes" -- a play on Planet of the Apes -- and AMC CEO Adam Aron is known as "the silverback." Aron has embraced the situation and the company has raised almost $3 billion selling new shares, and with additional borrowing, in the last year as the stock has soared with the backing of the social media movement.
Source Fool.com
