This might not be the “mother of all implosions,” but shares of AMC Entertainment ( AMC -1.44% ) are trading down 6.8% at 11:34 a.m. on Thursday, the second consecutive day the stock is heading lower. Yesterday, AMC shares tumbled 12.7%.
The movie theater operator began an amazing run higher a little over two weeks ago, more than doubling in value after AMC said it was buying into a gold and silver miner. It rocketed 45% high in one day of trading when CEO Adam Aron said the cinema stock was looking to do more such deals.
The sell-off is likely just some profit taking, as the stock is still 77% above where it was before the rally began.
AMC has become the face of the meme stock phenomenon, with Aron fully embracing the small retail investors who have mostly stuck by the movie theater stock after shares soared to more than $72 apiece before beginning their long slog lower.
For example, the theater chain’s earnings conference calls now mostly feature just questions from shareholders, not Wall Street analysts. Aron also regularly fields ideas on Twitter from investors on where he should go next with the company.