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Don’t be short meme stocks

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Interactive Brokers founder and Chairman Thomas Peterffy on Monday issued a warning to investors betting against so-called meme stocks like AMC Entertainment.

“It is extremely tempting to short these stocks, but unless you have huge liquid resources, please try to resist the temptation because these prices can go to unimaginable highs before they settle down to a reasonable valuation, and you may have to cover on the high point,” the online brokerage pioneer said in an interview on CNBC’s “Squawk Box.”

Shares of AMC soared more than 20% on Monday after rising 83% last week alone despite declines on Thursday and Friday. The stock has gained about 2,500% in 2021.

“On the long term, stocks…



Source cnbc.com

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

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