AMC stock jumps more than 120% to an all-time high - CNN - 0 views
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he hits keep coming. Shares of AMC — the largest movie theater chain in the world — surged more than 120% Wednesday to a new peak above $70 before falling back slightly. Trading of the shares was halted twice due to volatility.
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The popular WallStreetBets Reddit board has boosted the stock lately as a way to hurt short sellers who bet against the company. On Wednesday, AMC (AMC) announced that it would reach out to its new backers with an initiative called "AMC Investor Connect."
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The company described "Investor Connect" as a way to put AMC in "direct communication with its extraordinary base of enthusiastic and passionate individual shareholders."
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"Many of our investors have demonstrated support and confidence in AMC. We intend to communicate often with these investors, and from time to time provide them with special benefits at our theatres," Adam Aron, AMC's CEO, said in a statement.
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Paramount's "A Quiet Place Part II," a new horror film starring Emily Blunt, opened to the biggest weekend of the pandemic so far, notching $48.3 million for its three-day debut in North America over Memorial Day weekend.
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The good news on Wall Street also came a day after AMC announced that it raised $230.5 million by selling 8.5 million shares to Mudrick Capital Management.
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the turnaround is also getting a boost from movies — as well as audiences — returning to theaters over the last few months, punctuated by last weekend's big box office numbers.
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Goldman Sachs downgraded shares of theater chain Cinemark (CNK) and big screen operator IMAX (IMAX) to a rare "sell" rating on Wednesday.