AMC stock rallies toward longest win streak in more than a year

Shares of AMC Entertainment Holdings Inc.
AMC,
+16.37%
surged 5.8% in premarket trading, putting them on track for a sixth-straight gain to the highest close in more than four months. The “meme” stock had already rocketed 52.3% as it rose every day last week, to post the biggest weekly gain since it soared 83.4% during the week ended June 4, 2021. The rally comes as the movie theater operator announced last week it will issue a special “APE” dividend, in the form of AMC Preferred Equity Units that will trade on the New York Stock Exchange. Separately, J.P. Morgan analyst David Karnovsky said in a note to clients Monday about fellow movie theater operator Cinemark Holdings Inc.
CNK,
+4.51%
that recent “robust domestic box office results” have made him “incrementally more constructive” about the potential recovery beyond 2022. Meanwhile, fellow “meme” stock GameStop Corp.’s
GME,
+11.08%
gained 2.8% premarket, putting them on track for a ninth-straight gain, which would be the longest win streak since since it rose for 10 straight days through March 28, 2022. Shares of AMC have lost 18.5% year to date and GameStop has advanced 7.9%, while the S&P 500
SPX,
+0.60%
has shed 13.0%.