Jun 11, 2021
AMC board members sold nearly $4 million worth of stock this week
This news has been received from: New York Post
All trademarks, copyrights, videos, photos and logos are owned by respective news sources. News stories, videos and live streams are from trusted sources.
More On: amc AMC stock nearly doubles — but hedge fund has ‘no regrets’ about selling AMC stock surges as hedge fund buys — then sells — $230M stake AMC stock surges as company pledges to ‘go on offense’ Some movie theater chains are dropping mask requirements
Three members of AMC’s board of directors each sold-off shares worth more than $800,000, while two more members sold shares worth more than $700,000 per director, according to Securities and Exchange Commission filings.
Three of the transactions took place on Tuesday, when AMC stock traded as high as $59 per share. Two more transactions took place on Wednesday, as AMC stock slipped from above $52 at opening to below $49.50 at close.
AMC shares were trading at about $42.80 on Friday morning — down more than a quarter from Tuesday’s high but still 20 times higher than at the beginning of 2021.
The five directors — Philip Lader, Adam Jay Sussman, Howard Winchell Koch Jr., Kathleen M. Pawlus and Anthony J. Saich — now own 17,722 AMC shares each.AMC shares were trading at about $42.80 on Friday morning — down more than a quarter from Tuesday’s high but still 20 times higher than at the beginning of 2021. Google Finance
Their current stakes were worth about $750,000 each on Friday morning.
AMC, which saw its business all but destroyed during the coronavirus pandemic, has been targeted alongside other so-called meme stocks like GameStop and Blackberry since January.
Last week, the movie theater sought to cash-in on the meme stock boom when it announced it would issue 11.5 million new shares.see also
But AMC also warned investors that they could lose all of their money.
“Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” AMC wrote last Thursday in a filing with securities regulators.
The company also admitted that its sky-high price “reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last.”
Earlier in June, AMC issued 8.5 shares that it sold to hedge fund Mudrick Capital for $230.5 million. Mudrick then immediately flipped the shares for a tidy profit.
In recent weeks, Reddit traders have branched out from AMC and Gamestop into another, more controversial “meme stock” called Clover Health. Clover’s founders have faced accusations of ripping-off New Jersey hospital patients.Filed under amc , stock market , 6/11/21
News Source: New York Post
Microsoft reaches a $2 trillion market cap
New York (CNN Business)Microsoft has officially entered the most elite of clubs: corporations with a market value exceeding $2 trillion.The tech giant is only the second publicly traded American company, behind Apple (AAPL), to reach such a valuation. Oil company Saudi Aramco, which went public in 2019, has also previously passed that mark, though its market cap on Tuesday was $1.88 trillion.Microsoft's (MSFT) market capitalization topped $2 trillion during trading on Tuesday, and closed just $300 million shy of that mark. Its stock on Tuesday climbed 1.1% to $265.51.