Why AMC Entertainment Stock Soared Today
The roller coaster ride continues for the stock of AMC Entertainment Holdings (NYSE: AMC) and other names influenced by Reddit retail traders. After the troubled theater operator's stock rocketed up at the end of January, the fury subsided, and shares dropped more than 70% from those highs.
Trading volume spiked again today, and shares rose more than 20% before settling back to a gain of 14% as of 12:15 p.m. EST Thursday.
While there is no specific news on AMC today, the new round of buyers may have been sparked by news of the resignation of GameStop's (NYSE: GME) CFO. GameStop has been the higher-profile name caught up in the Reddit-influenced trading. Some investors may feel that they are playing a role influencing the businesses, but the reality of the stock's valuation should eventually come through.
Source Fool.com
