AMC Entertainment (NYSE:AMC) stock is on the move Friday as investors take to social media to discuss recent news about the company. Before we get too far into this, note that AMC is a meme stock, which means it’s prone to enthusiastic support from its investors.
AMC Stock Buzz #1: #CitadelScandal
The first, and likely biggest, reason that AMC shareholders are excited today has to do with a lawsuit making the rounds on Twitter (NYSE:TWTR). Users are discussing the #CitadelScandal, which has also been affecting Robinhood (NASDAQ:HOOD) stock.
This lawsuit is connected to a halt in trading that took place earlier this year. That saw Robinhood stop trading for certain meme stocks that were rallying hard. The lawsuit claims that market manipulation was behind this.
AMC Stock Buzz #2: Debt Repayment
Next up we have to discuss AMC’s repaying its debts. The company has entered into an agreement. This has it repurchasing $35 million of its 15% cash / 17% payment-in-kind Toggle First Lien Secured Notes due in 2026.
Adam Aron, chairman and CEO of AMC Entertainment, said this about the loan repayment.
“The repurchase of some of our highest cost debt is one of the many steps that we are taking to optimally position AMC for the future. In addition to reducing our interest-bearing debt, we are also using our enhanced liquidity and improving business fundamentals to make meaningful reductions in deferred rent obligations.”
AMC stock was up slightly as of Friday morning and is up 1,804% since the start of the year.
There’s more stock market news to dive into below!
We’ve got all the latest stock coverage that traders need to know about today. Among that is Biomerica (NASDAQ:BMRA) soaring on a Walmart (NYSE:WMT) deal, why Merck (NYSE:MRK) is rising higher, as well as this morning’s pre-market stock movers. You can find all of the details on these topics at the following links!
More Friday Stock Market News
- BMRA Stock: The Big Walmart Deal That Has Biomerica Investors Smiling Today
- Merck News: The ‘Game-Changer’ Making MRK Stock the No. 1 Trending Ticker Today
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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.