A cryptic post from Keith Gill, known as Roaring Kitty, reignited interest in meme stocks, leading to significant gains for GameStop Corp. and AMC Entertainment. GameStop shares surged by as much as 14%, while AMC jumped 13%, prompting a volatility halt in trading.
AMC Entertainment reported a 4.1% decline in third-quarter revenue, totaling $1.35 billion, as attendance fell 11.5% to 65,087 due to fewer blockbuster releases and economic uncertainty. The company faced a net loss of $20.7 million, contrasting with a profit of $12.3 million a year prior. CEO Adam Aron remains optimistic about a rebound in the box office by year-end and over the next two years.
MicroStrategy Inc. has announced plans to sell $21 billion in new shares, aiming to bolster its Bitcoin holdings. This move surpasses the previous record set by Tesla and follows a trend of companies with strong retail investor support, similar to recent actions by GameStop and AMC.
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