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AMC Share Gains Evaporate as Reddit-Driven Rally Fizzles

Movie theater, Reddit-favorites like Express have choppy day
AMC tumbles in postmarket trading, falling as much as 17%

WATCH: Mom and Pop lose out in GameStop-Reddit frenzy.Daybreak: Europe.” (Source: Bloomberg)

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By Bailey Lipschultz and Paul Jarvis

February 1, 2021 at 9:24 AM UTC

Updated on

February 1, 2021 at 10:38 PM UTC

This article is for subscribers only.

AMC Entertainment Holdings Inc. and some other day-trader favorites saw their rallies fizzle at the start of the week as investors shifted their focus to other parts of the stock market.

After gaining as much as 30% earlier on Monday, AMC shares ended the session little changed and then tumbled as much as 17% in extended trading. The movie-theater chain, which has been hurt by Covid-related closures, gained 525% in January after announcing fresh financing that will help it avoid bankruptcy. BlackBerry Ltd., meanwhile, closed 3.8% higher at the end of a volatile session that featured a 20% swing in prices. The software maker fell 7% postmarket.