Let the Apes Have Wall Street
Matt Taibbi, 10 June 2021
The much-publicized war over “meme stocks” drags a longstanding Wall Street ripoff out of the shadows, to hilarious results
On CNBC’s Fast Money last week, anchor Melissa Lee appeared to mention the unmentionable. She was talking with Tim Seymour, CEO of Seymour Asset Management, who made offhand mention of the hedge funds shorting now-infamous stocks like AMC and GameStop. “Look, there are a lot of short sellers out there who have been borrowing stock they didn’t have,” Seymour said.
“Naked shorts, yeah,” said Lee.
Read Full Article
AMC stock jumps nearly 15% as retail-fueled rally stretches to another week
Yun Li, 07 June 2021
AMC Entertainment, the meme stock that amazed Wall Street recently, rallied double digits on Monday as speculative trading activity in the struggling movie theater gained steam.
Shares of AMC jumped as much as 25% Monday, following an 80% rally in the previous week. AMC has dethroned GameStop to become the star on the infamous WallStreetBets forum on Reddit, with retail traders encouraging each other to pile into the shares and call options. AMC Shares closed 14.8% higher at $55 on Monday. Continue reading “Article: AMC stock jumps nearly 15% as retail-fueled rally stretches to another week”
‘Meme’ mob behind Gamestop frenzy might still imperil soaring AMC
Charles Gasparino, 29 May 2021
Adam Aron says he wants to increase his Twitter following to include about 1,000 more professed small-investor shareholders of the company he runs, AMC Entertainment.
His goal is to better “understand this phenomenon that has changed who owns AMC.” But based on the type of AMC shareholder who hangs out on Twitter, he may be surprised — and more than a little embarrassed — by what he finds.
AMC, of course, is the world’s largest movie-chain business, synonymous for many years with blockbuster movies, sticky floors and terribly overpriced popcorn. Continue reading “Article: ‘Meme’ mob behind Gamestop frenzy might still imperil soaring AMC”