AMC is ripping on high volumes and no news
AMC may have been a little jealous watching retail favorite GameStop get bid up on Monday ̶f̶o̶r̶ ̶n̶o̶ ̶g̶o̶o̶d̶ ̶r̶e̶a̶s̶o̶n̶ because its CEO posted a picture with another CEO who holds a lot of bitcoin.
But its time to bask in the glow of speculative frenzy appears to have arrived just one day later, with shares of the theater chain up big on no apparent news. Trading volumes are 125% of their trailing 20-day average as of 10:55 a.m. ET.
Benchmark analyst Mike Hickey touted the firm’s outlook, saying AMC “is positioned for a multiyear recovery” on Monday, but that was... on Monday.
To paraphrase Bloomberg’s AI summary of what’s going on: people are searching a lot more for AMC news today, even though there’s a relatively mediocre amount of AMC news on offer.
And that may explain why you’re here.