AMC’s ‘APEs’ open for trading on the NYSE

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AMC Entertainment Holdings Inc.’s AMC, +2.94% AMC Preferred Equity Units, or APEs APE, , began trading on the New York Stock Exchange on Monday, opening at $6.95. The stock rose 36.2% to trade at $9.35 shortly after the open. Shares of AMC Entertainment Holdings Inc. plunged prior to the APE debut, falling 37.4% in premarket trading. AMC’s stock was down 31.5% shortly after market open on Monday. The company’s shares closed down 6.8% at $18.02 Friday, compared with the S&P 500 Index’s SPX, -1.61% 1.3% decline. With the special dividend, the cinema chain is taking aim at its massive debt burden. The APE name is a nod to the investors who turned the company into a meme stock, who often refer to themselves as “apes” or “ape nation.” The dividend also marks the latest move in a fight over stock issuances. AMC shares, which skyrocketed last year amid the meme stock buying frenzy, have fallen 33.8% in 2022, compared with the S&P 500 Index’s decline of 11.3% over the same period. However, in the last three months AMC shares have risen 55.6%, outpacing the S&P 500’s gain of 8.4%. Of eight analysts surveyed by FactSet, three have a hold rating and five have a sell rating for AMC.

This article was originally published by Marketwatch.com. Read the original article here.

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