Why AMC Entertainment Is Rising Today
Shares of AMC Entertainment (NYSE: AMC) are moving 2.7% higher in morning trading Wednesday on no specific news to the company. The move may spring from the idea that the so-called "apes" backing AMC could be vindicated in their beliefs that big-money interests have been conspiring against meme stocks.
Investors are suing Robinhood Markets (NASDAQ: HOOD) and various market makers, including Citadel Securities, over the role they played in suppressing trading in shares of AMC, GameStop (NYSE: GME), and other meme stocks. The lawsuit has revealed internal communications at Robinhood that seem to suggest Citadel -- Robinhood's biggest client -- pressured the brokerage to limit trading in certain stocks to help hedge funds that were bleeding massive losses during the short squeeze.
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Source Fool.com
