AMC is today's GameStop. A Reddit mob sent its stock more than 200% higher

[sumargentjo]

A group on Reddit's Wall Street Bets board have been promoting a number of stocks, hoping to squeeze short sellers that have been betting against them.

They're succeeding. Their best-known bet is GameStop (GME), which is up another 135% Wednesday after nearly doubling Tuesday and soaring more than 1,730% this year.

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Today's target: AMC (AMC), the (very) struggling theater chain that just announced a nearly $1 billion lifeline to stay open.
Shares of the new WSB plaything were up more than 200% Wednesday after members of the Reddit board and investors on online brokerage firm Robinhood were touting the stock and got #SaveAMC trending on Twitter.

Both stocks had their trading occasionally halted for volatility Wednesday. And the dramatic spikes caused at least one top online broker, TD Ameritrade, to curb trading in the two companies.

"In the interest of mitigating risk for our company and clients, we have put in place several restrictions on some transactions in GameStop, AMC and other securities," said a spokesperson for TD Amerirtrade, which is no owned by Charles Schwab (SCHW).

"We made these decisions out of an abundance of caution amid unprecedented market conditions and other factors," the TD Ameritrade spokesperson added.

AMC is struggling financially -- just like GameStop -- and is a favorite stock of short sellers. AMC wasn't exactly a top performer before the pandemic, and the massive drop-off in theater attendance over the past 10 months sent it scrambling for cash. Last year, the company said it doubted its ability to stay in business.

But AMC's CEO told CNN Business Tuesday he is now hopeful (after an influx of cash) that the company can ride out the pandemic until people are ready go back to theaters. That's a bold bet -- blockbusters like the new James Bond movie keep getting pushed back, and CNN parent company WarnerMedia pledged to release all of its Warner Bros. titles simultaneously in theaters and on HBO Max.

Similarly, GameStop may have been oversold and due for a comeback: Investors on social media had been arguing that GameStop was seriously undervalued and cheered earlier this month when the company added Chewy founder Ryan Cohen, who has been pushing a digital overhaul, to its board. Also, video games are a hot commodity in the stay-at-home era, particularly after the launches of the PlayStation 5 and Xbox Series X.

But GameStop faces many of the same problems that other retailers face. It was struggling before the pandemic, as video games went digital and Amazon began eating into its market share. With malls dying across the world, those fundamentals aren't about to change -- and certainly haven't changed so dramatically in the past few days and weeks to send its stock soaring nearly 700%.

That's why this Reddit saga isn't just about fundamentals.
The reason GameStop, AMC, BlackBerry (BB) and a bunch of other stock picks from the WSB group are soaring is because the way people trade stocks has changed dramatically. No-fee apps like Robinhood democratize access to financial markets. Who needs high-paid Wall Street analysts when you can get stock tips for free on Reddit?

Although the hive mind of WSB poses some real dangers of a bubble mentality, there's no arguing with their success. Short-sellers rushing in to hedge their bets and cover their positions are keeping Reddit's stocks soaring with no signs of stopping.

Two questions remain: Who's next? And what happens when the bubble bursts?

Here's a glance at a portion of the accounts we'll be following today as they stand out as truly newsworthy the nation over and Southwest Virginia.

The Bedford County Board of Supervisors could pass a goal, contradicting new boat dispatch charge. The charge applies to offices claimed or oversaw by the Department of Wildlife Resources. The region considers it an additional boundary for those trying to appreciate Virginia streams and is stressed individuals will utilize unapproved passageways.

An earth shattering happens at the old Bedford Middle School. It will be transformed into a shop lodging, condos, athletic office and hatchery space. This comes as the man, accused of fire related crime at the site, shows up in court for a fundamental hearing. Daniel Flint faces two lawful offense accusations of fire related crime and theft.

Understudies in Wythe County will re-visitation of in-person guidance, five days every week, beginning today. The educational committee vote in favor of the change recently. The educational system says security moderation procedures will stay in actuality and the lead representative's chief request, commanding covers, will be followed. School will excuse at 2 p.m. every day. Families actually have the choice to remain completely virtual.

The Roanoke County Office of Elections will resume today. It's been shut since the fourteenth "out of a plenitude of alert to restrict the spread off COVID-19." The region says benefactors were not uncovered. The workplace was profound cleaned while shut.

More understudies in Roanoke County Schools will re-visitation of school full-time. Fourth graders, who were on a half breed plan, will re-visitation of school five days every week, beginning today. Those excess online have been appointed new educators, devoted to online understudies.

The Pulaski County Board of Supervisors will hold a formal proceeding around evening time about a proposed sun powered ranch close to Dublin. The 280-megawatt office is proposed to be based on almost 3,000 sections of land of farmland. Development could make 350 regular positions and get a huge number of dollars.

Here’s a look at some of the stories we’ll be following today as they make headlines across the country and Southwest Virginia.

The Bedford County Board of Supervisors could pass a resolution, opposing new boat launch fee. The fee applies to facilities owned or managed by the Department of Wildlife Resources. The county calls it an extra barrier for those seeking to enjoy Virginia waterways and is worried people will use unauthorized access points.

A groundbreaking takes place at the old Bedford Middle School. It will be turned into a boutique hotel, apartments, athletic facility and incubator space. This comes as the man, charged with arson at the site, makes an appearance in court for a preliminary hearing. Daniel Flint faces two felony charges of arson and burglary.

Students in Wythe County will return to in-person instruction, five days a week, starting today. The school board vote for the change earlier this month. The school system says safety mitigation strategies will remain in effect and the governor’s executive order, mandating masks, will be followed. School will dismiss at 2 p.m. daily. Families still have the option to stay fully virtual.

The Roanoke County Office of Elections will reopen today. It’s been closed since the 14th “out of an abundance of caution to limit the spread off COVID-19.” The county says patrons were not exposed. The office was deep cleaned while closed.

More students in Roanoke County Schools will return to school full-time. Fourth graders, who were on a hybrid schedule, will return to school five days a week, starting today. Those remaining online have been assigned new teachers, dedicated to online students.

The Pulaski County Board of Supervisors will hold a public hearing tonight about a proposed solar farm near Dublin. The 280-megawatt facility is proposed to be built on nearly 3,000 acres of farmland. Construction could create 350 full-time jobs and bring in millions of dollars.