AMC soars as top boss says to script more meme-stock powered deals

Farmmi

28/03/2022 17:50

(Updates)
    ** Shares of theater operator and popular 'meme' stock
 AMC.N  jump as much as 30.8% to $26.47, touch a three-month
high
    ** More than 7 mln shares traded vs their 25-day moving avg
of 4.02 mln
    ** AMC will embark on more "transformational" deals to
capitalize on interest of retail investors - CEO Adam Aron
 urn:newsml:reuters.com:*:nL2N2VU0HI
    ** Stock soared 1,183% in 2021 following a social
media-driven retail trading frenzy and its $1.8 bln "war chest",
which it raised in 2021 by selling shares, was in part on the
back of these retail investors
    ** AMC unveiled $27.9 mln investment for a 22% stake in
Hycroft Mining Holding Corp  HYMC.O  earlier this month
    ** Including session's gains, AMC cuts losses to 9.7% YTD
    ** Other meme stocks Koss Corp  KOSS.O  and GameStop  GME.N 
up 10.5% and 11.3%, respectively, in afternoon trading, while
Bed Bath & Beyond  BBBY.O  rises 2% 
    ** However, other retail favorites down; Sundial Growers
 SNDL.O  fall 6.7% 
    ** Camber Energy  CEI.N , Lucid  LCID.O  and Farmmi  FAMI.O 
are down more than 1.5%
    
    

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.Mathews@thomsonreuters.com;))