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AMC stock jumps more than 20% as Reddit-fueled rally stretches to another week

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An AMC theatre is pictured in Times Square in the Manhattan borough of New York City, New York, June 2, 2021.

Carlo Allegri | Reuters

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 23% to around $57.71 apiece in morning trading on Monday, following an 80% rally in the prior week. The stock 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.

A call option is an instrument that gives an investor the right to buy a stock at…



Source cnbc.com

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