About This Source - Bloomberg QuickTake: Now
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Recent from Bloomberg QuickTake: Now:
Bloomberg Quicktake: Now published this video item, entitled “AMC’s All-In Embrace of Retail Mob Good for Another Huge Rally” – below is their description.
On Wednesday, the movie-theater chain announced that it would reward small-time investors, who have been instrumental in AMC’s wild, logic-defying 1,400% share rally this year, with goodies such as special screenings and free popcorn. It comes a day after AMC took advantage of those meteoric gains to raise $230 million directly from one of its main creditors, Mudrick Capital Management, and shore up its finances.
While Mudrick quickly dumped its entire stake for a tidy profit and called the company massively overvalued, the Reddit retail-trading crowd was having none of it. Buoyed by AMC’s public embrace, the shares soared 18% to an intraday record in early trading on Wednesday after jumping 23% the day before. The gains pushed AMC’s market value to over $18 billion, surpassing GameStop.
“Many of our investors have demonstrated support and confidence in AMC…After all, these people are the owners of AMC, and I work for them,” Adam Aron, AMC’s chief executive officer, said in a statement Wednesday.Bloomberg Quicktake: Now YouTube Channel
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In This Story: GameStop
GameStop (NYSE: GME) is an American video game, consumer electronics, and gaming merchandise retailer. The company is headquartered in Grapevine, Texas, United States, a suburb of Dallas, and operates 5,509 retail stores throughout the United States, Canada, Australia, New Zealand, and Europe as of February 1, 2020.
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In This Story: Reddit
Reddit is a social news aggregation, web content rating, and discussion website. Registered members submit content to the site such as links, text posts, and images, which are then voted up or down by other members.