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AMC jumps more than 18%, other 'meme stocks' mixed

Stock MarketsJun 14, 2021 12:48PM ET
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2/2 © Reuters. FILE PHOTO: People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermid/File Photo 2/2

(Reuters) -Shares of AMC Entertainment (NYSE:AMC) Holdings shot higher on Monday, setting the stage for another week of roller-coaster trading in shares of the theater chain operator and other retail investor favorites.

AMC’s shares were recently up 18.3% at around $58.50 after edging 3% higher last week. The company said in a filing last week that over 80% of its shares were held by retail investors.

Rallies in AMC and video game retailer GameStop (NYSE:GME), as well as a fresh crop of so-called meme stocks - companies popular with retail investors congregating on forums such as Reddit’s WallStreetBets - have breathed fresh life into a frenzy that first garnered widespread attention in January, when an unwind of bearish bets helped send GameStop’s shares up more than 1,600% that month.

Billionaire investor Paul Tudor Jones of Tudor Investment Corp told CNBC on Monday that the “craziest mix of fiscal and monetary policy” has helped fuel the blistering rallies in some meme stocks as well as other assets, such as special purpose acquisition companies, or SPACs.

"Things are absolutely bat-s crazy and at some point you have to say, 'slow down, let's get back in the lanes and we'll drive like we used to," Tudor Jones said on CNBC.

GameStop’s shares were recently down more than 3% but are up 1,100% this year, while AMC’s have risen around 2,650%.

AMC options volume was brisk, with 630,000 contracts traded by 11:40 a.m. (1540 GMT), Trade Alert data showed. Options that expire on Friday made up nearly 40% of the trading, with call options that make money if AMC shares rise north of $55, $60 and $70 trading in heavy volume.

Investors were also focused on vaccine developers, with shares of Novovax experiencing sharp swings after the company reported late-stage data from a U.S.-based clinical trial showing its vaccine was more than 90% effective against COVID-19 across a variety of variants of the virus..

The company’s shares had reversed early gains and were recently down about 2.3% at $204.75 after approaching $230 earlier in the session.

Meanwhile, shares of gaming equipment maker Corsair Gaming Inc jumped by 16%. The company - which has a short interest of 18.25% of free float, according to Refinitiv data - was the top trending stock on Stocktwits earlier on Monday, with a 26.9% jump in message volume.

AMC jumps more than 18%, other 'meme stocks' mixed
 

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Comments (10)
Hung Pham
Hung Pham Jun 15, 2021 1:21AM ET
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AMC to 1k
It goes kk
It goes kk Jun 14, 2021 1:38PM ET
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fud
Niv Shitrit
Niv Shitrit Jun 14, 2021 10:15AM ET
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Couldn't be further from the truth  AMC ALL DAY BABY
Inspire Happiness Media
Inspire Happiness Media Jun 14, 2021 10:06AM ET
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AMC 💎👐🚀🌜hold the line apes
Jonas Nielsen
Jonas Nielsen Jun 14, 2021 9:58AM ET
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lying article! We hold amc
Joe GI
Joe GI Jun 14, 2021 9:50AM ET
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No, they don´t. The world is hodling $AMC
Inspire Happiness Media
Inspire Happiness Media Jun 14, 2021 9:07AM ET
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Nobody is paying attention to anything other than AMC.
Dmitry Zadarozhny
Dmitry Zadarozhny Jun 14, 2021 8:39AM ET
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Payed article to distract people from amc clov and gamestop. Its inly premarket, but smart guy knows what retail decided!
Bulent Ok
Bulent Ok Jun 14, 2021 8:03AM ET
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#TAL education from 140 usd down to 28 usd... Time to hit this.. Huge potential
Alessandro Rossi
Alessandro Rossi Jun 14, 2021 7:57AM ET
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Come on, all apes are olding AMC strong. Fake news
 
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