To The Moon

New meme stock is coming? AMC make a bad move? 

$Carvana Co.(CVNA)$ continued their "meme"-like surge Tuesday, rallying 10.0% toward a 2 1/2-month high in premarket trading despite no official news released. The online used-car retailer's stock had run up 53.9% over the past two days, and 55.5% amid a three-day win streak through Monday. The stock also showed meme-like tendencies earlier this month, soaring 81.7% in two days to Jan. 12, as short interest, or bearish bets on the stock, reached record highs. Short interest as a percent of float, or shares available for public trading, was 59.7% as of the latest exchange data, which is more than double the percentages of the original meme stocks of $GameStop(GME)$  at 23.5% and $AMC Entertainment(AMC)$ at 22.6%. On Jan. 17, the company adopted a shareholder rights plan, or "poison pill," to block investors for buying a large stake while the stock was depressed; the stock closed at a record low of $3.72 on Dec. 27. If the stock closes up Tuesday, the four-day win streak would be the longest since the four-day streak that ended Sept. 12, 2022. Despite the recent rallies, the stock was still down 26.1% over the past three months through Monday, and down 93.8% over the past 12 months, while the S&P 500 has gained 3.8% the past three months and lost 11.0% the past year.

Meanwhile $AMC Entertainment(AMC)$ said it has agreed to be bought out of its joint venture in Saudi Arabia, called Saudi Cinema Co., for $30 million by its partner, Saudi Entertainment Ventures.

Saudi Cinema's current and future AMC locations will still retain the AMC Cinemas name and other intellectual property through a licensing agreement, AMC said.

AMC in 2017 signed a memorandum of understanding with the Public Investment Fund of Saudi Arabia to explore the potential to bring theaters to the country. It later partnered with the PIF's Saudi Entertainment Ventures to form the Saudi Cinema Co.

"During the last five years we've opened 13 beautiful theatres, hired and trained so many Saudi nationals, endured a global pandemic, and, perhaps most importantly, helped bring movies to the Saudi people," AMC Chief Executive Adam Aron said. "We have enormous confidence in the team running these theatres and the venture is moving to the next stage exactly as we envisioned at the time we started."

Selling Stake in Saudi Arabia JV might be another mistake? Lets see..

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