AMC jumps 19% as funds eye bearish bets

Reuters2021-06-07

June 7 (Reuters) - Shares of AMC Entertainment and other "meme stocks" supported by small-time individual traders jumped on Monday, extending gains into a third week as message boards hummed with hype about the potential to squeeze Wall Street short-sellers.

Market participants have told Reuters that some Wall Street institutional investors are ramping up complex options trades that let them bet the shares will fall while keeping a lid on potential losses if they instead gain.

Cinema operator AMC Entertainment Holdings , which almost doubled in value again last week, rose 18.5%, while Microvision , a developer of laser beam scanning technology, climbed 7.1%.

Data shows AMC has been the top traded stock among clients of brokerages Fidelity and Freetrade, used heavily by amateur and individual investors playing with their own money.

On trading-focused social media site Stocktwits, message volume related to AMC - a barometer of interest in the stock - rose 3.3% on Monday.

Among other meme stocks, BlackBerry's U.S. listing was up 8.6% and videogame retailer GameStop Corp and headphones maker KOSS rose 6.6% and 12.1%, respectively.

(Reporting by Aaron Saldanha in Bengaluru; editing by Patrick Graham and Saumyadeb Chakrabarty)

((Aaron.Saldanha@thomsonreuters.com; +91 80 6749 1130; Reuters Messaging: Aaron.Saldanha@thomsonreuters.com@reuters.net))

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Comments

maddiericola
2021-06-08
maddiericola
Koss all the way
KenYY
2021-06-07
KenYY
Should I buy now or wait? Any comment?
- zhangming:
  now

Leave a comment

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Any comment?&nbsp;","listText":"Should I buy now or wait? Any comment?&nbsp;","text":"Should I buy now or wait? 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