Why Is AMC Entertainment (AMC) Stock Up 39% Today?


  • AMC Entertainment (AMC) stock is climbing higher alongside strong trading on Monday.
  • That comes after a judge blocked its plans to convert APE shares into AMC stock.
  • Despite that, AMC is still working out a plan for the share conversion.
AMC Stock - Why Is AMC Entertainment (AMC) Stock Up 39% Today?

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AMC Entertainment (NYSE:AMC) stock is climbing higher on Monday following an update for the movie theater company.

AMC is among of group of companies that make up meme stocks. Traders on Reddit and other social media platforms have singled these out. This has them pumping up these stocks from time to time.

While AMC does run a movie theater chain, the company has also embraced its meme stock traders, who call themselves apes. This even resulted in it launching a second stock ticker for AMC’s Preferred Equity Units (NYSE:APE).

This has landed AMC in trouble with investors as it plans to convert APE stock into AMC stock. That resulted in a judge blocking that plan, but AMC is trying to move forward with it by changing conversion rates to satisfy the court’s demands.

Recent AMC Stock Movement

Shares of AMC stock are off to a strong start this morning. That comes as some 15 million shares of the company’s stock change hands. That’s quickly closing in on the company’s daily average trading volume of about 18.4 million shares.

Investors will also keep in mind that this follows more than 85 million shares of AMC stock being traded on Friday. However, that only saw the company’s shares climb 1.5% higher when markets closed that day.

AMC stock is up 38.9% as of Monday morning.

We’ve got more stock market news that traders will want to read about below!

InvestorPlace is home to all of the hottest stock market news that traders need to know about on Monday. That includes the biggest pre-market stock movers for Monday morning, as well as the latest news for Camber Energy (NYSEMKT:CEI) stock and more. All of that news is ready to go at the following links!

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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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/07/why-is-amc-entertainment-amc-stock-up-39-today/.

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