The price of AMC Entertainment stock has been cut in half from its peak amid a big rout in meme stocks this month as the reality of bubble-like rallies and failing businesses started to become apparent for Reddit-obsessed investors.
The movie theater chain’s stock tumbled about 13% to around $34 apiece on Wednesday, less than half of its all-time high of $72.62 in early June. The decline brought its month-to-date losses to 40%. GameStop, the original meme stock king, has fallen more than 19% this month, while newcomers Clover Health and Clean Energy Fuels have plunged 34% and 20% in July, respectively.
While the pullback doesn’t make a huge dent in their…