Yahoo Finance's Ines Ferre details the market and sector actions at today's close, including social media stocks like Snap, Nasdaq leaders, apparel stocks, and meme stocks.
Shares of AMC Entertainment (NYSE: AMC) were down by 7.8% to $10.68 at 12:20 p.m. ET Tuesday, on no news specific to the company. The movie theater operator has seen its stock rally numerous times lately. For example, it popped after management announced it was investing in a defunct gold and silver miner, Hycroft Mining (NASDAQ: HYMC), and did again more recently after the company took a near-7% stake in National CineMedia (NASDAQ: NCMI), an advertising outfit for movie theaters.
Movie-theater chain AMC Entertainment (NYSE: AMC) is in the process of giving back last-week's gains. Last week, AMC announced it took a near-7% stake in movie-advertising outfit National CineMedia. It's been an unfortunate consequence of AMC's meme-stock status that its shares are highly volatile, which more often than not causes it to briefly shoot higher, only to end up lower than where it began.