Movie theatre chain AMC Entertainment Holdings Inc. has emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum as of early Monday.
What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust is seeing the highest interest on the forum with 199 mentions as at press time, followed by AMC Entertainment with 54 mentions, data from Quiver Quantitative showed.
Electric vehicle maker Tesla Inc. and videogame retailer GameStop Corp. are in the third and fourth positions, having attracted 53 and 38 mentions, respectively.
Why It Matters: AMC Entertainment’s shares surged on Friday a strong opening box office performance of “Spider-Man: No Way Home” at its U.S. theaters.
AMC said it estimates that nearly 1.1 million people came to its theaters to see the new film on the opening night last Thursday, marking the highest number of people watching one movie on one day in its U.S. theaters for all of 2020 and 2021.
It was reported that Tesla shareholder David Wagner filed a lawsuit against the company after CEO Elon Musk sold a portion of his Tesla stock based on a Twitter poll conducted by him. Wagner alleged that Musk's behavior on social media has negatively impacted the price of the electric vehicle maker’s stock.
Price Action: AMC Entertainment’s shares closed 19.1% higher in Friday’s regular trading session at $29.12 and further rose almost 0.9% in the after-hours session to $29.38.
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