The major U.S. indexes ended the day and week with gains as AMC shares fluctuated, surging as much as 38% at one time but finally falling by 1.5 percent.
AMC Entertainment Holdings Inc. ended at $26.10 on Friday, and despite the Friday decrease, shares are up about 1,200 percent year to year. The rise increased the company’s market valuation to more than $12 billion, resulting from a push by Reddit investors akin to the GameStop short squeeze earlier this year.
“The retail trader is at it again,” Edward Moya, a senior market analyst at Oanda, told CNBC. “AMC500k and AMCSqueeze were trending on Twitter yesterday and that momentum took the stock price above the end of January high that we saw during the peak of meme stock mania.”
AMC’s revenue has taken an economic hit over the last 14 months of the COVID-19 pandemic, holding about $5 billion in debt and $450 million in deferred lease payments.
The Dow Jones Industrial Average closed at 34,429, up 0.2% for the day and 0.9% for the week. The S&P 500 closed up 0.1% for the day with a 1.2% weekly gain and the Nasdaq Composite closed up 0.1% for the day, with a 2.1% weekly gain.