AMC Entertainment Stock Rises Some More As Analyst Warns It’s Worth A Buck; GameStop Tumbles, Reddit Furor Expands From Shares To Silver

Matt Donnelly Senior Film WriterThe Barack and Michelle Obama-led shingle Higher Ground has acquired the Michael Keaton film “Worth,” in partnership with their distributor Netflix.Directed by Sara Colangelo (“The Kindergarten Teacher”), the film is adapted from the Kenneth Feinberg memoir “What Is Life Worth?” and follows the lawyer’s process in awarding the 9/11 Victim Compensation Fund.Netflix will stream the film in the U.S., Canada, Latin America, Australia, the UK, France, Turkey and

Chase & Status and Skream lead the names that have been announced for the Tobacco Dock Virtual opening weekend.The project will see the London venue being recreated as a virtual space by electronic music promoters LWE and leading virtual live events platform Sansar.The opening weekend will take place over Easter weekend (April 2-3) and will see 50 artists playing across four arenas in the virtual venue.As well as Chase & Status and Skream, the likes of Adam Beyer, Wilkinson, Hot Since 82, Eats

With its film line-up previously announced, the SXSW Film Festival has unveiled its keynote and a very robust second round of featured speakers. This year’s online edition of SXSW kicks off on March 16 and continues through March 20.

Was Chinese conglomerate Wanda Group among the surprise beneficiaries of the recent retail investor frenzy that caused a spike in the stock price of movie theater giantAMC Entertainment? A U.S.-based division of Wanda converted its Class B common stock in AMC to Class A shares on Monday, Feb. 1 "in order to permit sales of its common stock," AMC revealed in a filing with the Securities and Exchange Commission on Friday.

Shares of AMC Entertainment are down nearly 40% today on another wild ride, reversing gains after an explosion of support by retail traders that started last week catapulted stock of the pandemic-pummeled chain to levels not seen since 2017.

Also Read: Inside AMC's Wall Street Surge: A 'David Vs Goliath' Reddit BattleMKM Partners analyst Eric Handler, in a note to clients this week, added to the grim picture, saying AMC’s share price could slip down to $1 per share this year, per Marketwatch.

Shares in top exhibitor AMC Entertainment roared back up 53% on heavy trading volume as a frenzy of bets by individual traders who band together online closed out a week of havoc on Wall Street.

Also Read: Robinhood Slapped With Lawsuit for 'Manipulating' GameStop TradesAMC’s wacky week on Wall Street, via GoogleBehind its cash infusion and Reddit momentum, AMC surged earlier this week, climbing to nearly $20 per share by the time markets closed on Wednesday. That Reddit momentum also carried over to Twitter, where users had been using the hashtag #SaveAMC as a rallying cry.

Stacey Solomon has shared the lengthy process for cleaning her bathroom after she turned it into a beach for her sons to play in. On Wednesday night the Loose Women panellist took to Instagram to share with fans how to turn a bathroom into a beach for children to play in, and to be fair it was one of her few hacks that we weren’t sure we’d want to copy.

AMC Entertainment’s shares took a steep tumble Thursday, not yet a coda to the frenetic activity around the stock market fueled by users on Reddit, TikTok, Robinhood and other social media platforms.AMC’s stock was down more than 50% on Thursday afternoon, one day after it surged more than 300% and skyrocketed to $20.31 per share.

Reddit-pumped stocks from AMC Entertainment to GameStop fell Thursday as the rest of the market soared – a reversal of the day before when retail traders in crowded chat rooms joined forces to push selected names skyward and sent the market into conniptions.

As the stock price of movie theater giant AMC Entertainment surged on Wednesday, the private equity firm Silver Lake used the volatility to its advantage. In 2018, Silver Lake,invested $600 millioninto AMC via a debt offering due in 2024.

AMC Entertainment said Silver Lake Group is converting $600 million worth of the theater chain’s debt that it holds into stock at a conversion price of $13.51 a share, a surprise all around considering the exhibitor’s shares were languishing below two bucks earlier this month.