AMC drops more than 10% on Wednesday despite banner premiere of "The Greatest Showman 2

By    2 Jun,2022

AMC Theatres Inc (NYSE: AMC) was down more than 10 percent on the day Wednesday even though there was no apparent news directly involving the stock price. For much of the past, AMC has behaved like a meme stock, with its dramatic share price swings driven more by rumors and short-selling activity on the Internet than by the company's actual business dealings.


On Friday, AMC shares posted their biggest one-day percentage gain in months, rising 18 percent before "Maverick 2: The Lone Ranger" broke box office records for the weekend. AMC said Tuesday that more than 4 million people saw the movie in U.S. theaters and more than 1 million in the company's international theaters, led by Maverick.

On Wednesday, in addition to AMC, a number of other so-called meme stocks also took a hit. 3B Homes (NASDAQ:BBBY) shares fell 3 percent, BlackBerry (NYSE:BB) ended the day down more than 5 percent, Robinhood Markets Inc (NASDAQ:HOOD) fell more than 6 percent and Cassava Sciences Inc ( NASDAQ:SAVA) fell more than 12%.

GameStop (NYSE:GME), considered by many to be the leading stock in the table meme category, fell 2.7% before reporting first-quarter results. After the U.S. stock market closed, GameStop said first-quarter sales rose nearly 8 percent year-over-year to $1.38 billion, while operating losses more than tripled to $154 million.