We’re auctioning off stock history as NFTs to participate in the future of finance

Fearless girl stands up to the old way of investing just as Markets Insider explores the future.

  • Markets Insider is selling its first NFTs
  • We want to participate in the future of finance that we so often cover, and connect more with our audience
  • Gamestop, Hertz, and AMC are the first three we are auctioning
  • See more stories on Insider’s business page.

Investing has changed a lot in the past year, and Markets Insider has tracked every twist and turn. We are so far past calling a stockbroker on a telephone and shouting orders on the NYSE floor that even bringing them up as examples can date you.

Markets Insider likes to consider itself part of that evolution. We were born only four and a half years ago, and have found success covering the markets for a digital-native generation of traders. Our written coverage constantly shifts to focus on what you tell us you want to read, and our data pages respect the time it takes to research stocks by putting the most important information at the top.

We’ve loved covering and observing the shifting financial markets from the sidelines, and now we think it’s time to jump in with our audience. We want to allow you, and all the other people who use Markets Insider on a regular basis, to OWN a piece of this generational shift in trading.

Starting next week, we will be auctioning off seminal moments of this shifting stock history on Open Sea, allowing you to bid on the future of trading.

Reddit traders short squeezing the hedge-fund establishment, AMC’s silverback CEO leaning into shareholders as fans, and the SEC keeping traders out of a good bet on Hertz all come to mind as seminal moments in stock history that will shape trading and regulation for years. That’s why we’ve picked these three moments as our first round of auctions.

Each of these moments will be sold as individual NFTs. The NFT will include a historical record of the moment and an explanation of why it matters. We also commissioned three new pieces of art from our world-class graphics team to accompany the auctions. By winning the auction, you’ll be able to brag about owning a seminal trading moment on the fastest growing and most digitally savvy markets site on the web.

These NFTs will not only allow us to interact with you, our audience, but it also lets us participate in the revolution. Quite frankly, we want to live into this new reality and know what it’s like to have cryptocurrency on our company’s balance sheet.

Some Details on the Auctions

The three moments we are auctioning will go live on Open Sea on Monday August 2nd, and you will be able to bid on each of the auctions individually.

We are also hosting an AMA on Reddit to answer any questions you may have about the NFT process and how we decided on these historical moments. That will happen today (Wednesday July 28) at 3pm EST.

We’ve loved chronicling the rapid changes taking place in the investing industry, and we are even more excited to be more involved in its future. This is just one small step in that direction. And one that we hope to take with you.

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AMC Entertainment falls 14% as increasing short bets test a key technical support level

AMC Entertainment
  • AMC Entertainment fell as much as 14% on Wednesday as the meme-stock frenzy begins to cool down.
  • The stock is testing a key support level at its 50-day moving average in Wednesday trades.
  • Short bets against the movie theater chain increased 6% over the past week, according to S3 Partners.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Shares of AMC Entertainment dropped as much as 14% on Wednesday as retail traders begin to capitulate on the meme-stock frenzy and short bets against the theater chain increase.

The stock tested a key support level on Wednesday, as it traded around its 50-day moving average at $37.28. At time of publication, AMC was trading below the key support level at $35.27.

Moving averages are a lagging trend-following indicator that technical analysts use to smooth out price movements and help identify the direction of the current trend in place.

Traders view the the 50-day moving average, which is the average daily closing price of a stock over its previous 50 trading sessions, as a short-term moving average that often represents areas of support or resistance for a stock.

If AMC manages to decisively hold the 50-day moving average as support, then a rise back to its June peak of about $70 could be in order.

But a single trading day above its 50-day moving average is no sure-signal that AMC stock will continue to trend higher, as declining momentum indicators like the Relative Strength Index suggest fewer buyers are stepping in to support the stock than in previous weeks and months.

Another moving average traders will likely have their eye on if AMC falls below its 50-day is the longer-term 200-day moving average. The rising 200-day average is currently near the $14 level, representing potential downside of 60% from current levels.

But a stock’s decline below its 50-day moving average does not mean a swift decline back to its 200-day moving average is in order. One sign traders look for to generate a buy or sell signal is the crossover between the shorter 50-day and longer 200-day moving averages.

A buy signal is flashed when the short-term moving average crosses above the longer-term moving average, as happened for AMC in February. Using this method, a sell signal for AMC would not be generated unless the 200-day moving average crossed above the 50-day moving average.

As AMC tests its key 50-day moving average support level, short bets against the company are increasing, according to data from S3 partners. Over the past week, short bets increased 6% to 5 million shares, worth nearly $200 million.

While AMC short-sellers are down more than $3 billion in 2021 on a mark-to-market basis, that could soon reverse if AMC breaks below its 50-day moving average and trends towards its 200-day moving average.

Technical analysis chart of AMC
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Nokia surges 9% as the meme stock favorite says it plans to raise guidance for 2021

  • Nokia shares climbed as much as 9% Tuesday following an update from the meme-stock favorite.
  • The Finnish telecom equipment maker said it’s likely to raise its financial outlook for 2021.
  • The company may increase its view on metrics including net sales.
  • See more stories on Insider’s business page.

Nokia shares soared Tuesday after the Finnish telecom equipment maker — considered part of the so-called group of meme stocks — told investors it may lift its financial outlook for the year.

The company said its business has continued to strengthen during the second quarter, brightening prospects for the rest of 2021. Net sales are among the metrics that may be revised later this month.

NYSE-listed shares of Nokia climbed 7.8% ahead of the opening bell after popping up as much as 9% to $5.87. The shares have been swept up in the meme-stock trading phenomenon spearheaded by retail investors who have also embraced GameStop and AMC Entertainment. Traders active on Reddit’s Wall Street Bets forum and other social media sites have been banding together to buy and hold onto stocks targeted by hedge funds betting on their decline.

Nokia said it’s making progress with its three-phased plan outlined in March to achieve sustainable and profitable growth.

“Our first-half performance has shown evidence of this in good cost control and also benefited from strength in a number of our end markets. We continue to expect some headwinds in the second half as we have previously highlighted but our performance in the first half provides a good foundation for the full year,” said Pekka Lundmark, Nokia’s president and CEO, in a statement.

An updated outlook from Nokia would be part of the company’s July 29 release of second-quarter and half-year financial results.

In April, the company reiterated its view of net sales of €20.6 billion ($24.4 billion) to €21.8 billion and a comparable operating margin of 7%-10%. It had also backed its view of positive free cash flow and a rate of 10%-15% return on invested capital.

Read the original article on Business Insider

AMC and GameStop lose momentum as the meme-stock favorites stage multi-day declines

  • Since the start of July, AMC and GameStop have fallen 20% and 11%, respectively, as interest in the stocks has begun to wane.
  • Trading volumes in both companies have fallen, especially for AMC, which last month saw a precipitous run-up amid massive volume.
  • The top post on the Reddit forum WallStreetBets was of a 79% loss on AMC call options, which reflected a loss of more than $10,000 for the poster.
  • See more stories on Insider’s business page.

Shares in meme-stock favorites AMC Entertainment and GameStop continued multi-day falls on Wednesday as some Reddit traders took on heavy losses.

AMC ended the day at $45.07, down 9.8%. GameStop closed at $190.66, for a 4.5% loss.

Since the start of July, AMC and GameStop have fallen around 20% and 11%, respectively, as interest in the stocks has begun to wane. Trading volumes in both companies have fallen, especially for AMC, which last month saw a precipitous run-up amid massive volume.

On Tuesday, AMC enjoyed a brief pop in morning hours after CEO Adam Aron tweeted that the company would abandon plans for a share issuance in 2021, following a wave of social-media backlash. AMC shares would later erase gains and close lower on Tuesday, and continue to fall on Wednesday. The stock is down roughly 18% from Tuesday’s highs.

GameStop’s decline has been somewhat more measured. The stock has trended down since a June earnings call that, despite better-than-expected revenue numbers, disappointed some investors and analysts. Still, GameStop has not yet returned to its relatively sluggish April prices – let alone its dismal 2020 numbers, before the meme-stock frenzy kicked in.

Retail traders who had bet big on AMC using call options have taken to Reddit to post their so-called loss porn. At publication time, the top post on the forum WallStreetBets was of a 79% loss on AMC calls, losing the poster over $10,000.

But some commenters noted that the ill-fated poster’s call options did not expire until January 2022, and so could recover value should another price surge occur.

“Plenty of time,” wrote one hopeful Redditor.

Read more: GOLDMAN SACHS: Buy these 11 oil stocks as prices remain high through the next 18 months amid spiking demand and OPEC disagreements

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Short-seller says AMC’s fundamentals are obvious and that the meteoric run in the theater operator’s stock is nearing an end

AMC stock
  • Short-seller Iceberg Research revealed a short position on AMC Friday.
  • Iceberg told Insider that AMC’s current stock price, hovering around $50, has been unsustainably inflated.
  • Iceberg made headlines for knocking 99% off the share price of a commodity trader once worth nearly $12 billion.
  • See more stories on Insider’s business page.

Iceberg Research revealed a short position on AMC on Friday, staking out a claim against one of the buzziest retail stocks to date.

Arnaud Vagner, the main short-seller behind Iceberg, told Insider that AMC’s current stock price, hovering around $50, has been unsustainably inflated by call options activity in the already-tough theater business.

“The volatility of the meme stocks is largely driven by call options, and their ‘gamma squeeze effect,'” Vagner said – referring to a situation where a stock’s sharp price increase forces market makers to buy more shares, accelerating the stock’s ascent.

“However, this effect is temporary and the correction is inevitable. The volume of call options has substantially declined,” he added.

In a series of tweets announcing the short, Iceberg described the AMC “pump” as “increasingly shaky,” calling the weaker fundamentals of AMC “obvious.”

“We don’t accuse the company of fraud. There is a price for everything and we believe the pump has exceeded its average life,” Iceberg tweeted.

In previous years, Vagner’s Iceberg made headlines for knocking some 99% off the share price of Noble Group, a big commodity trader once worth nearly $12 billion, after Iceberg alleged massive accounting fraud.

More recently, the short-seller released a report in April on Diginex, a crypto exchange that went public via SPAC, alleging corporate governance “red flags” and noting the founder had sold 96% of his shares. Since the report, Diginex shares have fallen 23%.

AMC stock has undergone a disorienting run-up in recent months. After spending 2020 in the single digits, it has skyrocketed to as high as $72.62 in early June. AMC was trading at $49.40 as of 12:45 p.m. ET.

Read the original article on Business Insider

Robinhood is warning investors in its IPO filing it could become a meme stock and that heightened attention from retail traders is a risk

GettyImages 1291817095
  • Robinhood warned investors of price volatility risk if retail-investor interest is high in the IPO.
  • The trading app is making 20% to 35% of its stock available to retail traders through its platform.
  • Other meme stock companies like AMC have warned of volatility and the subsequent risk, as well.
  • See more stories on Insider’s business page.

Robinhood warned investors it’s at risk of becoming a meme stock when it starts trading publicly.

The company, which filed for an initial public offering Thursday, is making 20% to 35% of its stock available to retail traders through its app, meaning a larger proportion of retail investors may participate in the offering “than is typical,” said the company, which will be listed on the Nasdaq under the ticker “HOOD.”

Retail investors have become known for targeting meme-stock companies and driving extreme volatility in share prices. Take GameStop’s epic rally in January and AMC Entertainment’s subsequent rally in May, for example. If they pour into Robinhood shares in its IPO, that could cause price volatility, the company said.

“High levels of initial interest in our stock at the time of this offering may result in an unsustainable trading price, in which case the price of our Class A common stock may decline over time,” Robinhood said in its IPO filing.

Then, if the price is above what investors deem reasonable, some may short the stock, “which would create additional downward pressure on the trading price,” the company said. Robinhood did not immediately respond to Insider’s request for comment on the story.

Other companies popular among retail traders have similarly warned of price volatility – except those warnings didn’t come until after their stocks had already skyrocketed amid its newfound meme status.

In June, AMC Entertainment told investors to prepare to lose all of their money if they invested in the stock amid its dizzying rally. Orphazyme, a small Danish biotech company, told traders they could lose a “significant portion” of their investment if the stock declined from its unprecedented highs. Car rental company Hertz said at one point its stock could be “worthless” and that investing in it involved a “high degree of risk.”

Ahead of filing for its public offering, Robinhood unveiled the new IPO Access feature that would allow users to buy shares of companies at the IPO price, before the stock starts trading on the open markets.

Robinhood, which launched in 2013, said those shares typically only go to institutions or wealthier investors. “Here’s to democratizing IPOs for all!” the company said in the May press release about the new service.

Read more: An investment chief for Lombard Odier says a rise in volatility could knock 10% off the S&P 500 in the next six months. He breaks down the 10 ways to shield, or boost, a cross-asset portfolio

Read the original article on Business Insider

Robinhood’s IPO filing reveals over 50 lawsuits related to trading restrictions it imposed during January’s meme-stock madness

Vlad Tenev
Vlad Tenev, co-founder and co-CEO of investing app Robinhood.

  • Robinhood’s IPO filing shows the company faces more than 50 legal complaints stemming from January’s meme-stock trading.
  • Customers were angered by Robinhood’s move to temporarily stop users from buying certain stocks.
  • Robinhood said it is cooperating with investigations by officials.
  • See more stories on Insider’s business page.

Retail trading platform Robinhood is facing more than 50 lawsuits stemming from the restrictions it put in place to manage the trading mania in January surrounding so-called meme stocks, according to the company’s IPO filing.

Robinhood in its S-1 filing with the Securities and Exchange Commission on Thursday said it has become aware of about 50 putative class lawsuits and three individual actions that have been filed against it in various federal and state courts. It said two of the class action complaints have been voluntarily dismissed with prejudice.

The legal complaints follow Robinhood’s move in January of temporarily stopping users from buying shares of GameStop, AMC Entertainment and other stocks whose prices quickly soared as retail investors defended the shares from short-sellers.

“The complaints generally allege breach of contract, breach of the implied covenant of good faith and fair dealing, negligence, breach of fiduciary duty and other common law claims,” Robinhood said in the SEC filing. It added that several complaints further allege federal securities claims, federal and state antitrust claims, and certain state consumer protection claims based on similar factual allegations. It said 19 of the putative class actions also name other broker-dealers or market makers as defendants.

The company said it’s being investigated by regulators including staff at the SEC and the antitrust division of the US Department of Justice. It said Vladimir Tenev, Robinhood’s co-founder and CEO, and others have received requests for information and testimony, subpoenas and that the US Attorney’s Office executed a search warrant to obtain Tenev’s cell phone.

“We are cooperating with these investigations and examinations,” Robinhood said.

The company on Wednesday agreed to pay nearly $70 million to settle claims by FINRA that the brokerage misled millions of customers, approved ineligible traders for risky strategies, and didn’t supervise technology that locked millions out of trading.

Read the original article on Business Insider

From Tesla to Workhorse, here are the 50 most popular stocks among retail investors on Robinhood

GettyImages 1291817095
Robinhood is hugely popular among day traders, putting it at the center of the GameStop frenzy

Robinhood has been the poster child of the commission-free trading movement that has drawn a new generation of investors into the stock market, and its user base skews heavily to Millennial and Gen Z investors. From iconic companies like Apple, to upstarts looking to disrupt whole industries, here are the top 50 stock picks among Robinhood users.

50. Workhorse

Workhorse Truck

Workhorse, the Loveland, Ohio-based electric-vehicle maker, has become a retail favorite among other auto manufacturers, like Lordstown Motors and Canoo.

49. Boeing

Inside the cockpit of Boeing 757 testbed aircraft - Honeywell Aerospace Boeing 757 testbed aircraft
Thomas Pallini/Insider

Shares of the plane-maker have rallied more than 12% so far this year.

48. Zynga

Zynga Peak
Rafael Henrique/SOPA Images/LightRocket via Getty Images

The mobile-gaming company sees more than $1 billion in sales opportunity if it expands beyond mobile games to consoles and computers, Bloomberg reported.

47. Uber

Photo by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Shares of the San Francisco-based ride-hailing company have been barely changed so far this year.

46. United Airlines

Flying United Airlines during pandemic
Thomas Pallini/Insider

The airline slumped amid the COVID-19 pandemic but has turned around as air travel picks back up.

45. SPDR S&P 500 ETF

A number of value stocks have been surging on the S&P 500 in 2021.
Kena Betancur/VIEWpress

The ETF tracking the benchmark index has risen about 15% so far this year.


nvidia impressive ceos 2x1
Jensen Huang, CEO of Nvidia. Nvidia; Skye Gould/Insider

The chip and graphics card producer has rallied more than 50% year-to-date.

43. General Motors

General Motors headquarters Detroit
Paul Hennessy/SOPA Images/LightRocket via Getty Images

The automaker is among a slew of others in the industry that retail traders have rallied behind.

42. Coca-Cola

Coca-cola billboard
Peter Macdiarmid/Reuters

Shares of the Atlanta-based beverage company have rebounded from a slump earlier this year.

41. Vanguard S&P 500 ETF

Vanguard vs Fidelity
MoMo Productions

The exchange-traded fund has rallied 14% so far this year.

40. Norwegian Cruise Line

The Norwegian Prima cruise ship
Norwegian Cruise Line

The cruise industry was hit hard amid the COVID-19 pandemic, but shares of cruise operators are on the rebound as the world reopens.

39. Ideanomics

GettyImages 539998802
P. Steeger/Getty Images

Ideanomics, a small company focused on sustainability, has rallied alongside other meme stocks like GameStop this year.

38. Virgin Galactic

Virgin Galactic
Virgin Galactic

The space tourism company has been a focus among Reddit retail traders for months. Shares soared in May after the company announced its successful test flight.

37. FuelCell Energy

fuel cell
REUTERS/Hugh Gentry

The Danbury, Connecticut-based company creates “clean, efficient and affordable fuel cell solutions,” according to its website.

36. AT&T

Brendan McDermid/Reuters

The media and telecommunications company based in Dallas is among retail-trader favorites on Robinhood.

35. Moderna

woman getting vaccine
A physician injects someone with the Moderna Covid-19 vaccine. MediaNews Group/Boston Herald via Getty Images

Moderna shares have rallied in recent days since the pharmaceutical company announced its COVID-19 vaccine should work against the Delta variant.

34. Starbucks

A Starbucks barista makes coffee in Florida.
Jeffrey Greenberg/Universal Images Group via Getty Images

The popular Seattle-based coffee maker recently added oat milk-based drinks to its menu.

33. Twitter

Twitter logo over computer
NurPhoto/Getty Images

The social-media site has been a hub for retail traders exchanging ideas this year.

32. Advanced Micro Devices

austin amd
Jack Plunkett/AP

Advanced Micro Devices, a semiconductor company, is frequently mentioned on Reddit investing threads like Wall Street Bets.

31. Canopy Growth

canopy growth
REUTERS/Chris Wattie

The Canadian cannabis company is one of a handful of its kind that are among retail-trader favorites.

30. Facebook

facebook logo

The social media behemoth is now worth more than $1 trillion after a federal judge dismissed antitrust lawsuits against the company.

29. Tilray

Tilray marijuana

The Canadian cannabis company has seen a lot of Reddit hype as retail investors look to position themselves for the possibility of legalization in the US.

28. Coinbase Global

The photo shows physical imitations of cryptocurrency

Coinbase was the first major cryptocurrency exchange to go public on April 14.

27. Bank of America

BofA logo
Carlo Allegri/Reuters

Shares of the Charlotte, North Carolina-based bank have rallied about 36% so far this year.

26. OrganiGram

weed thc marijuana cbd cannabis
Olena Ruban/Getty Images

The Canadian cannabis company is one of several retail traders have hyped up.

25. Alibaba

alibaba jack ma NYSE
Alibaba went public on the NYSE in 2014. Andrew Burton/Getty Images

Shares of the Chinese e-commerce company have fallen about 2.6% this year.

24. Netflix

Photo Illustration by Chesnot/Getty Images

The streaming site recently launched an e-commerce store to sell items from popular shows like “The Witcher.”

23. Snap Inc.

Snapchat messaging application.JPG
REUTERS/Thomas White

Shares of the social site have rallied about 35% so far this year.

22. Delta Airlines

Delta Air Lines Airbus A320
A Delta Air Lines Airbus A320. Philip Pilosian/Shutterstock.com

The airline is among several others that struggled during the pandemic but has begun to rebound.

21. Churchill Capital Corp IV

Boonchai Wedmakawand/Getty Images

Shares of the special-purpose acquisition company have nearly tripled in price since going public earlier this year.

20. Palantir

Alex Karp - CEO of Palantir Alex Karp speaks to the press as he leaves the Elysee Palace in Paris, on May 23, 2018 after the "Tech for Good" summit, in Paris, France, on May 23, 2018.
Palantir CEO Alex Karp. Photo by Julien Mattia/NurPhoto via Getty Images

Palantir CEO Alex Karp said the surveillance company is a favorite stock pick because the company respects the intelligence of the retail-trading community.

19. GoPro

GoPro Inc's founder and CEO Nick Woodman holds a GoPro camera in his mouth as he celebrates GoPro Inc's IPO at the Nasdaq Market Site in New York City, June 26, 2014.  REUTERS/Mike Segar
GoPro Inc’s founder and CEO Woodman holds a GoPro camera in his mouth as he celebrates GoPro Inc’s IPO at the Nasdaq Market Site in New York City. Thomson Reuters

The maker of wearable cameras has rallied 38% so far this year.

18. Zomedica

Westend61/Getty Images

The Ann Arbor, Michigan-based company is focused on helping meet the needs of veterinarians, according to its website.

17. GameStop

gamestop store
John Minchillo/AP

GameStop was recently added to the Russell 1000 Index, a list of the largest companies based on market capitalization, thanks to its epic rally pushed by retail investors.

16. Carnival

carnival cruise
Sam Greenwood/Getty Images

The cruise line industry shuttered amid the COVID-19 pandemic, but operators like Carnival are making a comeback as the pandemic recedes.

15. Aurora Cannabis

Aurora Cannabis
Alberta Cannabis Inc/Handout via REUTERS

Aurora is another Canadia cannabis company that retail traders have flocked to amid excitement over potential legalization in the US.

14. Pfizer

pfizer vaccine us
Irfan Khan / Los Angeles Times via Getty Images

The pharmaceutical company has surged in popularity, largely thanks to the production of its COVID-19 vaccine.

13. Nokia

FILE PHOTO: Visitors gather outside the Nokia booth at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez/File Photo

Nokia has been looped into the basket of meme-stocks, like GameStop and AMC, that have gripped retail-traders attention this year.

12. Plug Power

Saudi Aramco hydrogen fueling station
Photo by Wang Haizhou/Xinhua via Getty Images

Plug Power, based in Latham, New York, is focused on creating hydrogen fuel cells to power vehicles.

11. American Airlines

American Airlines tails
American Airlines’ planes parked at a gate in Washington. Joshua Roberts/Reuters

The Fort Worth, Texas-based airline has rallied about 35% year-to-date.

10. Amazon

amazon warehouse truck shipping
ANGELA WEISS/AFP via Getty Images

The e-commerce giant is among the biggest companies in the world with a $1.7 trillion market capitalization.

9. Microsoft

Satya Nadella
Satya Nadella is the CEO of Microsoft. Sean Gallup: Getty Images

Microsoft is among the largest companies in the world with a $2 trillion market capitalization.

8. Disney

Disney World
The Cinderella Castle at Walt Disney World, Florida. Roberto Machado Noa / LightRocket via Getty Images

Shares of the media and entertainment conglomerate have dropped about 3% so far this year.

7. NIO

STR/AFP via Getty Images

The Chinese electric-vehicle maker has rallied more than 600% in the past year.

6. General Electric

General Electric reports strong earnings. Hussein Faleh/Getty Images

Shares of the long-time company have been on the rise this year, rallying about 25%.

5. Ford

Biden Ford
President Joe Biden drives the new electric Ford F-150 lightning at the Ford Dearborn Development Center in Dearborn, Michigan on May 18, 2021. Nicholas Kamm/Associated Press

The legacy automaker garnered attention earlier this year when President Joe Biden floored one of its electric trucks.

4. Sundial Growers

Marijuana Cannabis
AP Photo/Steven Senne, File

Sundial, among other Canadian cannabis companies, is a favorite among retail traders.

3. AMC Entertainment

AMC stock
Igor Golovniov/SOPA Images/LightRocket via Getty Images

AMC Entertainment became a retail-trader favorite earlier this year, and led a rally in memes last month amid renewed interest in meme stocks.

2. Apple

Apple CEO Tim Cook
Apple CEO Tim Cook. Karl Mondon/Digital First Media/The Mercury News via Getty Images

The iPhone maker is the most valuable company in the world with a market cap of more than $2 trillion.

1. Tesla

Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019.
Tesla CEO Elon Musk. Frederic J. Brown/AFP via Getty Images

Tesla’s Chief Executive Officer Elon Musk has captured retail-trader attention in both his company and in the realm of cryptocurrencies.

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AMC jumps 10% as the Reddit favorite reports the most customers in a weekend since reopening

Vin Diesel driving a car in "Fast and Furious 9."
Vin Diesel in “Fast and Furious 9.”

  • AMC Entertainment jumped as much as 10% on Monday after it reported strong traffic at its theaters over the weekend.
  • The company said more than 2 million customers visited its movie theaters over the weekend.
  • The new ‘Fast and Furious’ movie installment helped drive a post-pandemic box office record.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Meme stock and Reddit favorite AMC Entertainment soared on Monday, surging as much as 10% following a strong weekend at the movies.

Driven by hot weather and the opening of “Fast and Furious 9,” AMC saw more than 2 million guests visit its theaters over the weekend, representing a post-pandemic record for the company.

“Fast and Furious 9” also broke records, with the movie generating $70 million in ticket sales over the weekend. That’s the biggest opening weekend for a movie since 2019’s Star Wars: The Rise of Skywalker.

According to AMC, six of its movie theater locations represented the top 10 busiest theaters in the US. And an additional 500,000 people visited AMC’s international locations over the weekend, according to the company.

“The combination of widespread vaccination and the release once again of blockbuster movies is proving to be the magic formula for the return of moviegoing,” AMC CEO Adam Aron said.

Shares of AMC are up more than 2,600% year-to-date and have cost short-sellers billions in losses.

Despite the near-record stock price and an improving outlook for movie ticket sales, some investors remain unconvinced that AMC is worth its current market valuation of nearly $30 billion. Short interest as a percentage of AMC’s entire share float still stands at just below 20%, according to data from ShortSqueeze.

AMC Entertainment stock chart
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