AMC Entertainment (NYSE:AMC) stock is is taking a beating on Friday after getting hit with a short call from Iceberg Research.
Iceberg Research is a firm that prides itself on identifying “substantial earnings misrepresentation and accounting irregularities in financial statements issued by public companies.” The company posted the following Tweet today concerning AMC stock.
We are short $AMC. Fundamentals are obvious. After one month of trading sideways and lots of money lost in call options, the pump seems increasingly shaky.
— Iceberg Research (@IcebergResear) July 2, 2021
While Iceberg Research posted its short call for AMC stock on Twitter, it doesn’t appear to be ready to deal with the massive support the stock has on the platform. It limited replies so that only those it follows or mentions can chime in under its Tweet.
Even so, that isn’t stopping AMC Apes from commenting on the short call. Plenty of them are Quote Retweeting Iceberg Research’s post. A few examples of those are below.
I find it pretty hilarious this is the only post where they don’t allow replies. It’s almost like they knew apes would drag them 😂 https://t.co/ZuArxRJMIK
— mama ape (@diamondtitties_) July 2, 2021
Sounds like someone doesn’t know how to do calls. If you guys over there at @IcebergResear need some help, Apes are here for you. We actually know what we’re doing. #AMC #AMCAPES #AMCSTRONG https://t.co/Dh0YHZhmeC
— Dale Lee (@Dale34070584) July 2, 2021
That's what you don't understand. This was never about fundamentals. It was about saying greedy fuckers like you can't just destroy a beloved company and industry just because there's hard times. You're fucking vultures and we're not going anywhere, so keep flying. https://t.co/8UlW947lFW
— Mike Shannon (@FlowerpotRhino) July 2, 2021
Of course, we can’t bring up meme stocks and not talk about Reddit. Traders on the website are collecting around AMC stock and not letting the news affect them. Some are even calling on others to buy shares on the dip. Here’s what a few of those traders have to say.
- “All these bears on AMC bouta lose a lot of money.” — Chitikii
- “AMC is on sale today! I am finally an XX holder! 🚀” — HysteriaStrange
- “Sold PG to buy the nice dip on AMC. 💎💎💎” — Vladstanpinople
AMC stock isn’t seeing as heavy of trading today following the short call. As of this writing, more than 48 million shares of the stock have changed hands. For comparison, its daily average trading volume is 156.6 million shares.
AMC stock was down 9.1% as of Friday morning.
Investors looking for more stock market news today should keep reading!
InvestorPlace has all the latest stock market news for Friday. That includes Alector (NASDAQ:ALEC) stock soaring on a partnership, what to expect from the market today, as well as Virgin Galactic (NYSE:SPCE) flight plans. You can learn all about those topics by following the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
