The meme-stock’s rollercoaster ride continued with another day of wild swings. Super Mario got involved this time.
AMC shares rallied by more than 12% on Monday and closed the day higher by just under 7%. The movie-chain’s stock was boosted by the super successful weekend release of “The Super Mario Bros. Movie.” The animated film grossed $204.6mn at the domestic box office and $377mn globally.
AMC said more than 3.6 million moviegoers visited its US theaters over the weekend. The number marked the third-busiest weekend since the days before the Covid pandemic. In terms of sales, the cinema chain said Saturday generated its best single-day revenue since December 2019.
A meme-stock rally like those in the good old days was welcome news for bag holders (or diamond hands, if you’re one of them). Shares of AMC had advanced almost 100% in the first two months of the year before falling roughly 24% in March as the company dealt with converting preferred APE shares in to AMC stock.
