AMC Stock Is Rising After Credit-Rating Upgrade
AMC Entertainment shares popped suddenly on what was otherwise a typically quiet Friday for meme stocks.
After trading around $44.12 shortly after noon, AMC stock (ticker: AMC) jumped suddenly. Shares were up 12% to $48.01 shortly after 2 p.m. Analysts at S&P Global Ratings Thursday gave AMC Entertainment a credit-rating upgrade following its efforts raising cash. GameStop, the original wildly volatile meme stock (GME), was up 1.4% to $223.55. Shares of Nokia (NOK) were down 0.6% to $5.42, while BlackBerry stock (BB) was up 1.4% to $14.09.
AMC’s sudden breakout bucks a recent trend. Since April 30, but before the latest jump, AMC stock had averaged an absolute move—meaning in either direction—of 3.5% on Fridays, compared with 14.1% on the other weekdays during that period. GameStop stock had seen similar trends, averaging an absolute move of 3.81% on Fridays, compared with a daily average absolute move of 7.8% on the remaining weekdays, according to Dow Jones Market Data.
News about GameStop dominated meme-stock trading this week. The videogame retailer gave investors a ton to digest, including two major executive hires, …
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