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Investor Alert

Aug. 8, 2022, 9:12 a.m. EDT

AMC stock rallies toward longest win streak in more than a year

Shares of AMC Entertainment Holdings Inc. (NYS:AMC) surged 5.8% in premarket trading, putting them on track for a sixth-straight gain to the highest close in more than four months. The "meme" stock had already rocketed 52.3% as it rose every day last week, to post the biggest weekly gain since it soared 83.4% during the week ended June 4, 2021. The rally comes as the movie theater operator announced last week it will issue a special "APE" dividend, in the form of AMC Preferred Equity Units that will trade on the New York Stock Exchange. Separately, J.P. Morgan analyst David Karnovsky said in a note to clients Monday about fellow movie theater operator Cinemark Holdings Inc. (NYS:CNK) that recent "robust domestic box office results" have made him "incrementally more constructive" about the potential recovery beyond 2022. Meanwhile, fellow "meme" stock GameStop Corp.'s (NYS:GME) gained 2.8% premarket, putting them on track for a ninth-straight gain, which would be the longest win streak since since it rose for 10 straight days through March 28, 2022. Shares of AMC have lost 18.5% year to date and GameStop has advanced 7.9%, while the S&P 500 (S&P:SPX) has shed 13.0%.

Link to MarketWatch's Slice.