The Reddit retail-trading army is back bigger than ever, as is the meme-stock frenzy. Last time it was GameStop and now there’s a new player.
Shares in AMC Entertainment Holdings boomed to all-time highs across a wild trading session,
At one point the money-losing movie-theatre stocks rose 127 per cent. Its total gains this year topped three thousand per cent.
A few months ago AMC was on the brink of bankruptcy as the pandemic shut cinemas across America. The company isn’t making money but fundamentals apparently don’t matter to the retail investors, they’re after hedge fund short-selling pain.
Similar to GameStop, AMC is an unremarkable business but that didn’t prevent its stock price rising 95 per cent and closing at a record high of just over $62 USD.
Michele Scheider from Market Gauge says the trend will continue until one thing changes.
It’s another example where Wall Street traders would be shaking their heads.
Michelle Schneider from MarketGuage says “it’s crazy” and “we know this can cripple companies”
AMC announced that it will reward the small-time supporters with goodies including special screenings and free popcorn.
The other news of the week surrounded Elon Musk’s favourite: Doge Coin.
The joke cryptocurrency rose over 20% after the major exchange operator Coinbase allowed Doge to be traded on their platform.
It left Musk pretty chuffed and Schneider says the ‘joke’ isn’t that funny.
GME shares surge 74%, but experts stress a meme-stock frenzy resurgence is unlikely due to fundamental differences in the company’s financial situation.
Australia’s budget unveils a second consecutive surplus of A$9.3 billion, prioritising the critical minerals industry and green energy initiatives to reduce reliance on Chinese supply.
Also, GameStop shares have surged 74%, but experts caution against expecting a repeat of the 2021 meme-stock frenzy. #featured #trending
Major airlines are taking legal action against the Biden administration over a newly implemented rule requiring them to disclose fees upfront.
On this episode of Hot Shots – Major airlines are suing the Biden Administration, AI-piloted fighter jets, SpaceX faces funding challenges, and Apple receives crushing feedback.
Ticker’s Ahron Young & Veronica Dudo discuss. #featured #trending
Questions abound regarding the factors fueling this inflation surge in Australia and whether it correlates with the escalating government expenditures.
Concerns extend to how Chalmers navigates the mounting pressure amid discrepancies in spending allocations.
Moreover, as Australians grapple with the reality of rising living costs, the feasibility of cutting spending becomes a pressing issue. Additionally, amidst economic uncertainties, individuals seek guidance on managing stock market risks effectively. #Featured #Trending