AMC Entertainment Stock Soars Nearly 80% as Meme-Stock Craze Returns
$AMC Entertainment(AMC.US$ soared nearly 80% Monday to its highest close in more than four months as meme-stock mania seemingly returned to Wall Street.
AMC gained 78.4% to a $5.19 close -- apparently rising in sympathy with a massive rally in fellow meme-stock darling $GameStop(GME.US$, which gained 74.5%.
GME rallied on the first posting in some three years from "Roaring Kitty," a prominent backer of the stock on Reddit's WallStreetBets chat group.
Roaring Kitty, who has reportedly been identified as Keith Gill, helped launch the meme-stock craze in 2020-21 when he and others talked up a number of stocks on WallStreetBets. Others soon joined in, sending stocks like AMC and GME to massive heights.
Although the stocks later fell back hard, they've since had occasional rallies like Monday's.
But even after Monday's run-up, AMC is still down 99.3% from the $726.20 intraday peak that it hit in June 2021.
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Director of Financial Content
Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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Borealis Justin Brewer: ?$#@$
Lucky Star888 : Means still need to pump more to reach 700+？
Andrew Sankey : except it never actually hit that high