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Short-sellers aim to turn profits on a stock by borrowing shares, selling them and returning them after purchasing them at a lower price. Shares of AMC Entertainment, another meme stock, popped 78 ...
The rise in GameStop was also accompanied by a spike in AMC stock. Shares of the theater chain operator rose about 30% after gaining as much as 120% earlier on Tuesday. ... Short interest in ...
GameStop shares lost 60 percent of their value on February 2, closing below $100 for the first time in a week. [65] [66] Reports estimated that about $27 billion in value had been erased. [66] [67] Other assets affected by the short squeeze and put under company trading restrictions, such as AMC and Blackberry shares, also declined in value.
AMC shares were up 2% at $58.12 in premarket trading on Tuesday. ... -Investors shorting "meme stock" AMC Entertainment Holdings are estimated to have lost about $512 million on Monday after a ...
Short sellers betting against AMC incurred losses of over $2.8B as a result. [76] AMC issued more shares during the surge, but warned potential investors against buying the shares "unless you are prepared to incur the risk of losing all or a substantial portion of your investment".
The stock of American video game retailer GameStop has been one of the most popular meme stocks, [13] [14] with mass purchases of the stock leading to a short squeeze on GameStop in early 2021. [5] The stock of entertainment company AMC is also cited as a prominent example.
The AMC shares were sold at $3.45 per share, per the SEC filing. By 8:30 a.m. on Tuesday, shares were trading hands at as much as $10.70.
AMC's $0.09 loss per share was narrower than the $0.20 loss that the Street had expected while the company's revenue came in at $1.41 billion, above estimates for $1.26 billion in revenue.