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AMC stock spikes up in volatile trading, other meme stocks also rally

MarketWatch logo MarketWatch 12/1/2022 Tomi Kilgore
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MARKET PULSE

Shares of movie theater operator AMC Entertainment Holdings Inc. shot up 14.5% on heavy volume in midday trading Thursday, and has already been halted once for volatility. Trading volume swelled to 38.8 million shares, already well more than the full-day average of about 23.9 million shares. The stock was halted for volatility at 11:22 a.m. Eastern, when it was trading up 19.2% at $8.62, then surged even further to an intraday high of $8.97 (up 24.1%), which was the highest price seen since Sept. 20, before paring gains. The stock was actually down 0.3% at an intraday low of $7.21 a little after the open. Meanwhile, the AMC Preferred Equity Units rallied 10.6%. And among other meme stocks, shares of videogame retailer GameStop Corp. tacked on 1.4%, but was up as much as 4.9% earlier, while home goods retailer Bed Bath & Beyond Inc. climbed 10.9%, just off an earlier gain of as much as 12.6%. The meme stocks' gains bucked the weakness in the broader stock market, as the Dow Jones Industrial Average shed 301 points, or 0.9%, and the S&P 500 slipped 0.2%.

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