AMC’s (AMC) stock surged as much as 29% on Monday. Shares surpassed $25 each during the trading session, the highest since early January.
The cinema chain’s CEO Adam Aron told Reuters investors should expect to see more “transformational” deals in the future.
“I’d like to think there will be more third-party external M&A announcements going forward where AMC can reach for the stars and intriguing investments that have potentially attractive returns,” Aron said.
Earlier this month AMC announced it was buying a stake in gold and silver miner Hycroft Mining Holding Corp (HYMC). Hycroft recently announced it has completed a $138.5 million stock offering program sending shares of the Northern Nevada-based company up 52% on Monday.
AMC and Hycroft were the #2 and #3 trending tickers on Yahoo Finance during the trading session behind Tesla (TSLA).
Flagship “meme stocks” AMC and GameStop (GME) soared over the last week. GameStop shares opened 11% higher last Wednesday after chairman Ryan Cohen bought 100,000 shares of the video game retailer.
GME is up about 78% over the last 5 trading days, while AMC has gained more than 50% within the same period.
Short interest on AMC is hovering around 20% of the float. Part of the recent price movement may be a short squeeze.
Year-to-date, GameStop is now positive, up about 13%, while AMC is down 10%.
Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre
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