AMC Stock Hits 7-Month High, Up 110%, Adds $900M Market Cap

AMC Entertainment's stock, $AMC, experienced a significant surge, closing the day with a 110% increase, which doubled its market capitalization from $800 million to $1.6 billion. The stock traded its entire free float with over 300 million shares exchanged, marking a record trading volume of 18 times its usual rate. This dramatic rise was partially attributed to a short squeeze, as indicated by the trading patterns and subsequent after-hours gains. In the after-hours trading, $AMC continued to climb, reaching a 7-month high with an additional 20% increase, bringing its total daily gain to nearly 120% and adding almost $900 million to its market cap. AMC broke $6 in after hours trading. This event is noted as one of the largest single-day gains in the market, overshadowed only by $META's significant market loss. Meanwhile, short sellers are estimated to lose close to $2 billion.