AMC Entertainment Holdings Inc AMC stock is surging Thursday as retail traders continue to band together in an attempt to squeeze the stock higher. Based on the price action, it just might be working.
What Happened: AMC Entertainment has been trending higher since its earnings report on May 6 in which the company issued optimistic forward-looking statements.
"We finally can now say that we are looking at an increasingly favorable environment for movie-going and for AMC as a company over the coming few months," Adam Aron, president and CEO of AMC, said at the time.
See also: How to Buy AMC Stock
Why It Matters: AMC Entertainment is trending across popular social media platforms.
The stock is by far the most mentioned on the subreddit r/wallstreetbets over the last 24 hours.
AMC Entertainment was the top trending stock on Stocktwits at publication time. On Twitter, phrases about AMC Entertainment are trending including #AMC500k, #AMCSTRONG, #AMCAPES and #apestogetherstrong.
The stock became popular after retail traders on r/wallstreetbets squeezed GameStop Corp GME higher at the beginning of the year.
The two "meme" stocks typically share similar price action. Yet in a new turn of events, AMC Entertainment is trading significantly higher Thursday, while GameStop is trading lower for the day.
Related Link: Those Still Shorting Gamestop, AMC Are 'Out Of Their Mind,' Says Cramer
At last check Thursday, AMC Entertainment was up 43.81% at $28.10.
Photo by SridharSaraf from Flickr.
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