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High-Speed Trader Virtu Fires Back at Critics Amid Meme-Stock Frenzy
  + stars: | 2021-06-13 | by ( Alexander Osipovich | ) www.wsj.com sentiment -0.99   time to read: +1 min
High-speed trader Virtu Financial Inc. is pushing back against critics in Washington who say the stock market is rigged against small investors. The review will include a practice known as payment for order flow, in which brokerages send many of their customers’ orders to trading firms in exchange for cash payments. Payment for order flow has existed for decades and has come under scrutiny before. They say small investors benefit from the practice because it results in better prices than they would get at public exchanges like the New York Stock Exchange and the Nasdaq Stock Market . Collectively, that saves investors billions of dollars a year, industry data show.
Persons: Gary Gensler, brokerages, Gensler’s, Sean Casten Organizations: Virtu Financial, AMC Entertainment Holdings Inc, GameStop Corp, Securities and Exchange Commission, SEC, GameStop, Markets, New York Stock Exchange, Nasdaq Locations: Washington
Meme Stocks’ Latest Frenzy Isn’t About a Short Squeeze
  + stars: | 2021-06-11 | by ( Anna Hirtenstein | ) www.wsj.com + 0.00   time to read: +6 min
Meme stocks have made a comeback, with one big change: this time around, short sellers aren’t a big player in the market. In the latest bout of frenetic trading in unlikely momentum stocks, there appear to be far fewer opportunities for a short squeeze. For AMC Entertainment Holdings Inc., another meme stock that has surged over 1900% this year, the picture is more cloudy. “It creates these crash-up, crash-down cycles.”Many Reddit users show no signs of worrying that the upward trajectory of meme stocks may abruptly reverse. Meanwhile, the potential to engineer a precipitous decline in some meme stocks is making bearish wagers more tempting for some investors.
Persons: Helen Thomas, , Charlie McElligott, mamagpepper, Clover, John Smith, Lorenzo Di Mattia, Sibilla’s Mr, Di Mattia, Anna Hirtenstein Organizations: GameStop Corp, , Wall, GameStop, Clover Health Investments Corp, Clean Energy Fuels Corp, IHS, AMC Entertainment Holdings Inc, Investors, Nomura Holdings, Clover Health, WallStreetBets, Sibilla, AMC, Beyond Inc, Bed Locations: U.K
AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders
  + stars: | 2021-06-11 | by ( Matt Wirz | Juliet Chung | ) www.wsj.com + 0.00   time to read: +7 min
A multipronged bet on AMC Entertainment Holdings Inc. AMC 12.84% boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Day traders took their first run at AMC shares in late January. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2.
Persons: Jason Mudrick, Bing Guan, Mudrick, Mudrick’s, Adam Aron, — Alexander Gladstone, Soma Biswas, Matt Wirz, Juliet Chung Organizations: AMC Entertainment Holdings Inc, AMC, Mudrick Capital, GameStop Corp, Bloomberg, Mudrick, Bloomberg News, U.S . Securities, Exchange Commission, GameStop, NJOY Holdings Inc, Globalstar Inc, HSBC Alternative Investment, Federal Reserve, Capital Locations: Mudrick
GameStop tumbles, Clover Health rises in 'meme stock' roller coaster
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +2 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell 7% and Clover Health Investments Corp (CLOV.O) jumped 6.4% in early deals on Thursday, setting the stage for another roller coaster session for stocks favored by small-time investors on social media platforms. Shares of cinema operator AMC Entertainment Holdings Inc (AMC.N) were down 4.1%, while prison operator Geo Group Inc (GEO.N), the latest "meme stock", slumped 8.8%, after surging more than 38% on Wednesday. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Edward Moya, Moya, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Clover Health Investments Corp, Wednesday, ContextLogic Inc, Clean Energy Fuels Corp, AMC Entertainment Holdings Inc, Geo Group Inc, Medicare, AMC, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
New Reddit darling Clover Health jumps 13%
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.93   time to read: +1 min
FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File Photo(Reuters) - Shares of Clover Health Investments Corp jumped 13.3% in early deals on Wednesday, a day after small-time traders on online discussion forums sent its stock zooming 86% to a record high. Medicare-backed insurance seller Clover Health, among the most shorted stocks across U.S. exchanges, has emerged as the new favorite of individual traders who had previously hyped shares of AMC Entertainment Holdings Inc and GameStop Corp in forums such as Reddit’s WallStreetBets. Clover Health was one of the most heavily traded stocks before the bell after logging its highest trading volume on U.S. exchanges on Tuesday. Shares of video game retailer GameStop were up 2.3%, while AMC and U.S.-listed shares of BlackBerry Ltd fell 4.1% and 1.0%, respectively.
Persons: Carlo Allegri Organizations: New York Stock, REUTERS, Clover Health Investments Corp, Medicare, Clover Health, AMC Entertainment Holdings Inc, GameStop Corp, GameStop, AMC, BlackBerry Ltd Locations: Manhattan, New York City , New York, U.S
“I believe there are signs…that the NBBO is not a complete enough representation of the market,” Mr. Gensler said. Virtu handles between 25% and 30% of individual investors’ order flow in U.S. stocks, and its stock has rallied this year during the meme-stock frenzy. Mr. Cifu voiced confidence that Mr. Gensler and his staff would come to the same conclusion. Robinhood said in a statement that it was looking forward to engaging with the SEC on its review of market structure. The regulator will consider changes to that pricing system as well, Mr. Gensler said.
Persons: Gary Gensler, Gensler, , Mr, Piper Sandler, Virtu, , WSJ's Jean Eaglesham, aren’t, isn’t, Douglas Cifu, Cifu, , Robinhood, didn’t, ” Mr, Dave Michaels, Alexander Osipovich Organizations: Securities, Exchange Commission, AMC Entertainment Holdings Inc, GameStop Corp, SEC, Citadel Securities, Virtu, Inc, Piper Sandler Global Exchange, Robinhood, AMC, GameStop, Locations: U.S, United Kingdom, Canada, Australia
E-commerce entrepreneur Ryan Cohen spent seven months pushing to overhaul GameStop Corp. as an activist investor and later a board member. Three nominees have ties to Mr. Cohen from the online pet-supplies retailer he sold to PetSmart in 2017 for $3.35 billion. Mr. Sherman will be the only board member physically present, with the other board members expected to dial in. The 36-year-old hopes the voting process will be fair and that Mr. Cohen will acknowledge the retail-investment community. The retailer’s chief financial officer, chief customer officer and chief merchandising officer have all departed in recent months.
Persons: Ryan Cohen, Cohen, George Sherman, Sherman, Damien Browne, “ There’s, , , ” Mr, Browne, Jenna Owens, Matt Francis, Sarah E Organizations: GameStop Corp, Inc, GameStop, AMC Entertainment Holdings Inc, Mr, Ryan, Amazon.com Inc, Amazon, Microsoft Corp, Software, Sony Group Corp, Microsoft, FactSet Locations: Grapevine , Texas, Austin , Texas, Dallas
GameStop Overhaul Faces Early Test as Investors Meet
  + stars: | 2021-06-09 | by ( Sarah E. Needleman | ) www.wsj.com sentiment -1.00   time to read: +2 min
E-commerce entrepreneur Ryan Cohen spent seven months pushing to overhaul GameStop Corp. as an activist investor and later a board member. Three nominees have ties to Mr. Cohen from the online pet-supplies retailer he sold to PetSmart in 2017 for $3.35 billion. The company’s share price ballooned after Mr. Cohen joined the board in January, with some investors believing the entrepreneur’s past success with the online pet-supplies retailer could help GameStop. On GameStop’s most recent earnings call in March, Mr. Sherman was the only company executive to speak and he didn’t take questions from analysts. GameStop said in an April securities filing that recent stock price fluctuations have been “unrelated or disproportionate” to its operating performance.
Persons: Ryan Cohen, Cohen, George Sherman, Sherman Organizations: GameStop Corp, Inc, GameStop, AMC Entertainment Holdings Inc, Mr
GameStop Overhaul Takes Shape as Investors to Elect Ryan Cohen as Chairman
  + stars: | 2021-06-09 | by ( Sarah E. Needleman | ) www.wsj.com sentiment -1.00   time to read: +2 min
E-commerce entrepreneur Ryan Cohen spent seven months pushing to overhaul GameStop Corp. as an activist investor and later a board member. Three nominees have ties to Mr. Cohen from the online pet-supplies retailer he sold to PetSmart in 2017 for $3.35 billion. The company’s share price ballooned after Mr. Cohen joined the board in January, with some investors believing the entrepreneur’s past success with the online pet-supplies retailer could help GameStop. On GameStop’s most recent earnings call in March, Mr. Sherman was the only company executive to speak and he didn’t take questions from analysts. GameStop said in an April securities filing that recent stock price fluctuations have been “unrelated or disproportionate” to its operating performance.
Persons: Ryan Cohen, Cohen, George Sherman, Sherman Organizations: GameStop Corp, Inc, GameStop, AMC Entertainment Holdings Inc, Mr
An online group sent share prices of GameStop (GME) and AMC Entertainment Holdings Inc. (AMC) soaring in an attempt to squeeze short sellers. GameStop 's sales rose 25% in the fiscal first quarter, as the video game retailer embarks on a turnaround strategy partially fueled by a Reddit-inspired stock rally. It said sales momentum continued into the second quarter, with total sales in May increasing about 27% compared with the same month a year ago. GameStop filed a prospectus with the Securities and Exchange Commission to sell up to 5 million shares of its stock from time to time, in "at-the-market" offerings. The funds it raises through these stock sales will be used for general corporate purposes, investing in growth initiatives and strengthening its balance sheet, the company said.
Persons: Matt Furlong, Clover Health —, Chewy, Ryan Cohen, Jenna Owens, Matt Francis, Elliott Wilke, Anthony Chukumba, Chukumba, Jeff Bezos, It's, , Kevin Stankiewicz Organizations: UNITED STATES, GameStop, AMC Entertainment Holdings Inc, Amazon, Refinitiv, Securities and Exchange Commission, AMC Entertainment, Clover Health, SEC, Loop, CNBC Locations: SELINSGROVE , PENNSYLVANIA, Susquehanna
Lumber prices are down approximately 30% from their May 7 highs, while copper prices are down nearly 6% over the same time. Inflation fears have weighed heavily on growth stocks since the beginning of the year, prompting investors to rotate into so-called value stocks in sectors such as energy and financials that benefit from rising prices. The Russell 1000 Value index (.RLV) is up nearly 18% for the year to date, while the Russell 1000 Growth (.RLG) index is up nearly 7% over the same time. Wood, whose ARK Innovation ETF was the top-performing actively managed U.S. equity fund tracked by Morningstar last year, has seen her performance stagnate along with the slowdown in growth stocks. When asked, Wood said ARK does not search Reddit for stock ideas but does monitor it for the "great conversation" about the companies the firm holds.
Persons: Carlo Allegri, Cathie Wood, Wood Organizations: New York Stock Exchange, REUTERS, Communications, Tesla Inc, Russell, Morningstar, AMC Entertainment Holdings Inc, GameStop Corp, Thomson Locations: Manhattan, New York City , New York, U.S
Clover Health jumps 13% as 'meme stock' rally builds
  + stars: | 2021-06-08 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
An AMC theatre is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File PhotoShares of Clover Health Investments Corp (CLOV.O) and other "meme stocks" jumped in premarket trading on Tuesday as small-time individual investors again piled into some of the most heavily shorted U.S. stocks. read moreMedicare-backed insurance seller Clover and electric-truck maker Workhorse Group Inc (WKHS.O) are among the most shorted stocks across U.S. exchanges, with Clover being the target of short seller Hindenburg in February. read moreClover's shares were last up 13.3% at $13.50 after jumping 32% on Monday. Workhorse shares gained 2.5%, while AMC and GameStop rose 4.1% and 3.5%, respectively.
Persons: Carlo Allegri, Clover Organizations: AMC, REUTERS, Clover Health Investments Corp, AMC Entertainment Holdings Inc, GameStop Corp, U.S . Securities, Exchange Commission, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S
Clover Health soars 49% as 'meme stock' rally powers on
  + stars: | 2021-06-08 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
An AMC theatre is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. read moreMedicare-backed insurance seller Clover and electric-truck maker Workhorse Group Inc (WKHS.O) are among the most shorted stocks across U.S. exchanges, with Clover being the target of short seller Hindenburg in February. Clover's shares were last up 49% at $17.74 after earlier hitting a record high of $18.92. Call options speculating on the stock climbing all the way to $30 were among some of the most heavily traded contracts in recent days. Workhorse shares gained 10.0%, while AMC and GameStop rose 4.9% and 11.0%, respectively.
Persons: Carlo Allegri, Clover, Thomas Hayes, Chamath Palihapitiya Organizations: AMC, REUTERS, Clover Health Investments Corp, GameStop Corp, AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, Great, Capital, Trade, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S, New York
Clover Health soars as 'meme stock' rally gathers steam
  + stars: | 2021-06-08 | by ( ) www.reuters.com + 0.00   time to read: +3 min
Call options speculating on the stock climbing all the way to $30 were among some of the most heavily traded contracts in recent days. Today' peak gamma is at $16 and there isn't much gamma between $16 and $20 to drive it higher," Wolberg said. With Clover options trading in heavy volume, the gamma picture can quickly change as investors take new positions. Wendy's (WEN.O) was also jumping in high volume, and its shares were last up 15.8%. Workhorse (WKHS.O) shares gained 17.4%, while AMC was up 3.9%, GameStop rose 11.7% and Carlotz (LOTZ.O) was up 24.6%.
Persons: Carlo Allegri, Clover, Thomas Hayes, Jay Wolberg, Wolberg Organizations: AMC, REUTERS, Clover Health Investments Corp, GameStop Corp, AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, Great, Capital, Trade, Clover, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S, New York
Clover Health soars as 'meme stock' rally expands
  + stars: | 2021-06-08 | by ( ) www.reuters.com + 0.00   time to read: +4 min
read moreShort interest in Clover Health is at 49.10 million shares, or 43.5% of the float, Ihor Dusaniwsky, managing director of predictive analytics at S3 said on Tuesday. Shorts have been building their position in Clover Health as its stock price has been rallying, Dusaniwsky said. Call options speculating on the stock climbing all the way to $30 were among some of the most heavily traded contracts in recent days. With Clover options trading in heavy volume, the gamma picture can quickly change as investors take new positions. Electric-truck maker Workhorse Group Inc (WKHS.O) shares gained 17.4%, while AMC was down 0.8%, and Carlotz (LOTZ.O) climbed 23.3%.
Persons: Carlo Allegri, Clover, Thomas Hayes, Dusaniwsky, , Jay Wolberg, Wolberg Organizations: AMC, REUTERS, Clover Health Investments Corp, Medicare, Great, Capital, GameStop Corp, AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, Clover Health, Trade, Clover, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S, New York
Clover Health shares surge as 'meme stock' rally expands
  + stars: | 2021-06-08 | by ( ) www.reuters.com + 0.00   time to read: +4 min
Clover Health shares, which closed up 85.8% at $22.15 after earlier hitting a record high of $24.93, had the highest trading volume on U.S. exchanges Tuesday. More than 700 million shares changed hands versus their roughly 30 million average for the last 10 days. Clover Health shares shorted increased by 4.5 million shares, worth $54 million, over the last week, based on research from S3 Partners. By comparison, Clover Health shares shorted increased by 9.7 million shares, worth $115 million, over the last 30 days. Short interest in Clover Health is at $585 million, with 49.10 million shares shorted, or 43.5% of Clover's float, he said.
Persons: Carlo Allegri, Jay Wolberg, Clover, Wolberg, Dusaniwsky Organizations: AMC, REUTERS, Clover Health Investments Corp, Traders, Clover Health, GameStop Corp, AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, Partners, S3 Partners, Trade, Clover, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S, Wendy's
AMC, Other Meme Stocks Turn Options Market Upside Down
  + stars: | 2021-06-08 | by ( Gunjan Banerji | ) www.wsj.com + 0.94   time to read: +1 min
The meteoric rally in meme stocks such as AMC Entertainment Holdings Inc. and GameStop Corp. has unleashed a burst of options trading, upending traditional dynamics in the market for stock bets. The rush into the stocks coincided with frenzied trading for options—contracts that allow investors to bet on price moves in stocks or protect their portfolios. Some individual investors have said that they are drawn to the thrill of options trading, happy to take on higher risks for the prospect of big payouts. They have used the bets to turbocharge their positions, eager to ride the relentless momentum in stocks like GameStop and AMC. Call options, which allow investors the right to purchase stocks at a set price in the future, have recorded particularly heavy trading.
Persons: Organizations: AMC Entertainment Holdings Inc, GameStop Corp, GameStop, AMC, Traders, Trust, Tesla Inc, Cboe
Wall Street body proposes new rules on short positions, stock loans
  + stars: | 2021-06-07 | by ( Katanga Johnson | ) www.reuters.com sentiment -0.98   time to read: +2 min
FILE PHOTO: Signage is seen outside of the Financial Industry Regulatory Authority (FINRA) offices in Manhattan, New York City, U.S., September 11, 2020. REUTERS/Andrew KellyWASHINGTON (Reuters) - The Financial Industry Regulatory Authority (FINRA), Wall Street’s self-regulatory body, has proposed changes to its short-interest reporting requirements in a bid to make information more useful. The proposed changes to Rule 4560 would increase the frequency of short-interest reports from twice a month to weekly or even daily. The change would require clearing firms to report synthetic short exposure - bets made against shares via derivatives - in firm and customer accounts. “These potential changes could improve the usefulness of short sale-related information to FINRA, other regulators, investors and other market participants,” FINRA said.
Persons: Andrew Kelly WASHINGTON, ” FINRA, FINRA Organizations: Financial Industry Regulatory Authority, REUTERS, Industry Regulatory Authority, GameStop AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, SEC Locations: Manhattan , New York City, U.S
(Reuters) -Shares of AMC Entertainment Holdings Inc and other “meme stocks” jumped on Monday, extending a rally in social-media favorites into a third week as message boards hummed with talk of squeezing Wall Street short-sellers. Cinema operator AMC jumped almost 15%, putting its gain over the past five sessions at 111%. AMC shares are up about 2,500% in 2021 as the company has courted individual investors, while GameStop has surged over 1,300% year to date. Its June 2026 12% bond, worth about $1.5 billion, is up over 360% since Jan. 1, tame compared to the stock’s gain. “Do you really want to be the investor who buys AMC debt and watches the equity come back to reality?”
Persons: Carlo Allegri, , Reddit, wallstreetbets, , Michael O’Rourke, “ They’re, It’s, Joseph Feldman, John McClain Organizations: Reuters, AMC Entertainment Holdings Inc, AMC, REUTERS, U.S . Securities, Exchange Commission, GameStop, “ AMC, S3 Partners, Clover Health Investments, Amateur, Wall Street, Telsey Advisory, ” Bank of America, brokerages Fidelity, BlackBerry, SEC, Diamond Hill Capital Management Locations: Manhattan, New York City , New York, U.S, Stamford , Connecticut
REUTERS/Carlo AllegriA Reuters analysis of options data and interviews with market participants, including a Wall Street banker and a fund manager with $30 billion in assets, show that some institutional investors have ramped up complex options trades that let them bet the shares will fall. Its increased use now, which has not been previously reported, shows how Wall Street is looking for ways to profit off the unprecedented rise of retail trading but treading carefully after some high-profile funds got buffeted earlier this year. Options trading data shows increased complex trades that involve strategies such as put spreads. Overall options trading in the stock remains overwhelmingly driven by retail traders, the data shows. Only about 10% to 15% of overall daily AMC options volume this week was traded in blocks of over 100 contracts, a size typically associated with professional players.
Persons: Carlo Allegri, “ It’s, , Henry Schwartz, bearish, , ” Cboe’s Schwartz Organizations: YORK, AMC Entertainment Holdings Inc, REUTERS, Wall Street, Cboe Global, AMC, GameStop Corp, S3 Partners Locations: Manhattan, New York City , New York, U.S, New York
REUTERS/Carlo AllegriA Reuters analysis of options data and interviews with market participants, including a Wall Street banker and a fund manager with $30 billion in assets, show that some institutional investors have ramped up complex options trades that let them bet the shares will fall. Its increased use now, which has not been previously reported, shows how Wall Street is looking for ways to profit off the unprecedented rise of retail trading but treading carefully after some high-profile funds got buffeted earlier this year. Options trading data shows increased complex trades that involve strategies such as put spreads. Overall options trading in the stock remains overwhelmingly driven by retail traders, the data shows. Only about 10% to 15% of overall daily AMC options volume this week was traded in blocks of over 100 contracts, a size typically associated with professional players.
Persons: Carlo Allegri, “ It’s, , Henry Schwartz, bearish, , ” Cboe’s Schwartz Organizations: YORK, AMC Entertainment Holdings Inc, REUTERS, Wall Street, Cboe Global, AMC, GameStop Corp, S3 Partners Locations: Manhattan, New York City , New York, U.S, New York
A Reuters analysis of options data and interviews with market participants, including a Wall Street banker and a fund manager with $30 billion in assets, show that some institutional investors have ramped up complex options trades that let them bet the shares will fall. The problem is, they don’t know when that might happen and whether they have the resources to stand their ground in an extended face-off with retail traders, whose power lies in their numbers. Options trading data shows increased complex trades that involve strategies such as put spreads. Overall options trading in the stock remains overwhelmingly driven by retail traders, the data shows. Only about 10% to 15% of overall daily AMC options volume this week was traded in blocks of over 100 contracts, a size typically associated with professional players.
Persons: Carlo Allegri, Henry Schwartz, bearish, Cboe’s Schwartz, Organizations: REUTERS, AMC Entertainment Holdings Inc, Wall Street, Cboe Global, AMC, GameStop Corp, S3 Partners, Thomson Locations: Manhattan, New York City , New York, U.S, New York
Cinema operator AMC jumped almost 15%, putting its gain over the past five sessions at 111%. AMC shares are up about 2,500% in 2021 as the company has courted individual investors, while GameStop has surged over 1,300% year to date. AMC has been the top-traded stock among clients of brokerages Fidelity and Freetrade, used heavily by individual investors managing their own money, data showed. Its June 2026 12% bond , worth about $1.5 billion, is up over 360% since Jan. 1, tame compared to the stock's gain. "Do you really want to be the investor who buys AMC debt and watches the equity come back to reality?"
Persons: Carlo Allegri, Reddit, wallstreetbets, Michael O'Rourke, It's, Joseph Feldman, , John McClain Organizations: AMC, REUTERS, AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, GameStop, S3 Partners, Clover Health Investments, Amateur, Wall Street, Telsey Advisory, Bank of America, brokerages Fidelity, BlackBerry, SEC, Reuters, Diamond Hill Capital Management, Thomson Locations: Manhattan, New York City , New York, U.S, Stamford , Connecticut
GameStop’s Most Loyal Shareholders Are in It for the Long Haul, Not the Memes
  + stars: | 2021-06-06 | by ( Caitlin Mccabe | ) www.wsj.com sentiment -0.53   time to read: +1 min
By the time Robert Misener heard about GameStop Corp.’s frenzied rally in January, the meme stock was already well on its way to becoming a national sensation. Mr. Misener, who in the past had largely invested in blue-chip companies, was gripped by a fear of missing out and excited by talk of squeezing hedge funds. Within days, it appeared Mr. Misener’s hopes for big gains had evaporated. Mr. Misener’s story could have ended there. Instead, in February, as GameStop’s stock careened toward $40, Mr. Misener did what at the time seemed unthinkable: He kept buying.
Persons: Robert Misener, Misener, Misener’s Organizations: GameStop Corp, GameStop, AMC Entertainment Holdings Inc Locations: Florida
AMC Leads Meme Stocks on a Wild Ride
  + stars: | 2021-06-04 | by ( Karen Langley | ) www.wsj.com sentiment -0.98   time to read: +1 min
Meme stocks are on the move again—while the broader market is running in place. Shares of AMC Entertainment Holdings Inc., GameStop Corp. and other stocks popular with individual investors swung wildly again Friday. They have surged over the past two weeks, a frenetic rally reminiscent of the Reddit-fueled craze of late January. AMC became the latest darling of investors who have banded together on social media in a bid to propel the shares higher. The S&P 500, meanwhile, has waffled in a narrow range as investors parse signals about inflation and the labor market that could feed into the Federal Reserve’s next moves.
Persons: Organizations: AMC Entertainment Holdings Inc, GameStop Corp, AMC, Federal, Fed, Dow Jones Market
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