AMC, BlackBerry shares slump as meme stock rally fizzles
Cinema operator AMC was down about 9.7% in early deals after falling 18% on Thursday, while US-listed shares of BlackBerry fell 4.9 per cent after six straight sessions of gains
Reuters | June 4, 2021 | Updated 17:35 IST
Shares of other meme stocks GameStop and Koss Corp were down 2.1 per cent and 4.6 per cent, respectively
Shares of retail favorites AMC Entertainment and BlackBerry Ltd fell on Friday as a social media-driven rally in the so-called meme stocks appeared to fizzle at the end of a second straight week of stunning gains.
Cinema operator AMC was down about 9.7 per cent in early deals after falling 18 per cent on Thursday as it completed its second share offering in three days, taking advantage of a nearly 400 per cent surge in its share price since mid-May.
AMC Stock Tanks After Company Files To Sell 11 Million Shares
06/03/21 AT 10:05 AM
AMC Entertainment (AMC) saw its share price drop more than 15% at market open on Thursday after announcing that it planned to sell more than 11.5 million shares on the heels of its stock price spiking more than 20% a day earlier.
AMC stock has been on a roll, reaching a record high of $62.55 on Wednesday and up nearly 140% for the week, CNBC reported. For the quarter, the AMC shares are up 512% alone and 2,850% for the year, the news outlet said.
The overall valuation of the theater company has reached $31 billion, largely the result of the Reddit Revolution that saw non-traditional investors drive up the price on struggling industries like AMC and GameStop.