AMC– Shares of the movie theater giant jumped more than 22% as it began reopening theaters in Los Angeles. AMC reopened two locations in the city on Monday, and plans to reopen the remaining 23 Los Angeles theaters by Friday. The company is hoping to have all of its locations across the state opened by Friday.
AMC has been on a tear thanks to social media and the Wall Street Bets crowd on Reddit. GME held the title as the most popular and best performing stock out of the meme stocks on the WSB sub reeddit, but it looks like AMC has now taken the crown. AMC gapped up and opened the day at $12 USD a share, it is now trading for $14 a share and appears to be holding a steady trend upwards. Its partner in crime GME is currently down on the day, so it looks like the tables have turned.
Most of the hype comes from hopes of the economy re-opening and that people will want to start watching movies in the theatres again, which does not seem too far fetched