AMC, GameStop and other Reddit memestock favourites set to surge once again
The cinema chain and video game retailer, both favoured by the r/wallstreetbets internet forum, are seeing strong gains in pre-market dealings alongside other retail trader favourites Koss and BlackBerry
AMC Entertainment Holdings Inc (NYSE:AMC) and a number of other stocks favoured by retail traders on the Reddit forum r/wallstreetbets look set to soar once again when trading opens on Wall Street on Wednesday.
In pre-market trading, AMC shares were up 24.4% at a record high of US$39.85 following a similarly strong performance in Tuesday’s session after news that hedge fund Mudrick Capital had bought 8.5mln shares at a premium for US$230.5mln. The shares quickly surged on the back of the news, causing Mudrick to cash out its stake before the session had even closed, netting it a profit of around US$25mln in the process.
One in four UK venues still shut despite restrictions easing, scientists warn lockdown should end later than 21 June
Bars and restaurants are concerned the Indian variant will jeopardise the government roadmap, which would further hit trading
In today’s coronavirus news, fresh figures reveal persistent challenges for the hospitality sector, while government scientists are calling to delay the 21 June end of lockdown date.
One in four UK restaurants, pubs, bars and other licensed premises have yet to reopen despite the return of inside service, new Market Recovery Monitor research from CGA and AlixPartners shows.
Just under 25,000 venues are still shut as the current restrictions make it unviable to trade.