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https://thebearcave.substack.com/p/problems-at-amc-entertainment-amc
AMC Entertainment (NYSE:AMC) is the largest movie theater company in the world. AMC is also a consistently unprofitable, deeply indebted, and highly dilutive business that has seen its stock double in recent days based on spurious stock promotion. In today's special investigation, The Bear Cave explores the recent resurgence of "meme stocks," the players involved, and why AMC is the worst positioned among the hype. In short, The Bear Cave believes AMC is a dead company walking and its promoters are a disgrace for the U.S. public markets.
What's going on?
On Wednesday, May 8, the popular trading account @MrZackMorris cryptically tweeted "AMC" with a popular meme of a videogame player leaning forward to concentrate. @MrZackMorris has over half a million followers and is operated by 39-year-old Edward Constantin. In December 2022, Mr. Constantin was one of eight people charged in what the SEC called "a $100 Million Stock Manipulation Scheme Promoted on Discord and Twitter." A Texas judge later dismissed the SEC's lawsuit and today Mr. Constantin operates a new $100/month trading Discord called "FU Money."
Originally, the MrZackMorris tweet had very little impact on AMC or other "meme stocks."
However, on Sunday, May 12 at 8pm ET @TheRoaringKitty tweeted a variation of that meme after three years of inactivity on social media. The Roaring Kitty moniker belongs to Keith Gill, a famous deep-value investor who gained a loyal following of millions of retail investors for his Reddit posts and YouTube Livestreams recommending GameStop before it increased ~5,000%+ in 2020 and January 2021. The Roaring Kitty meme post has been viewed over 26 million times.
Posted In: AMC
