AMC Stock Had the Best Day in Years. Welcome Back to the Meme-Stock Era. -- Barrons.com
A Monday rally in shares of the meme-stock favorite GameStop also lifted the theater chain AMC Entertainment Holdings. AMC stock closed up 78% at $5.19 on Monday, the highest close since the $5.29 closing price on Jan. 8, and the largest percentage increase since June 2, 2021, when shares rose 95%, according to Dow Jones Market Data.AMC not only snapped a five-day losing streak, but its preliminary trading volume of 476.3 million shares is the highest amount on record.People betting against the stock have taken a beating, just as they did in the meme-stock trading frenzy during the pandemic. The estimated paper loss for the day for AMC shorts was $127 million, according to the data analytics company S3 Partners.Before Monday, shorts were up by $102 million in the stock, but with the latest surge in the price, it is now a losing short trade for 2024 by about $25 million. S3 Partners said AMC short interest is currently 55.9 million shares, or 19% of the float. So far this year, short in