AMC discloses large passive investment in National CineMedia.
$National CineMedia (NCMI.US)$ jumps, to extend bounce off last week’s record low, while $AMC Entertainment (AMC.US)$ also rallies.
In a 13G filing with the Securities and Exchange Commission late Tuesday, AMC said it owned 5.95 million shares of NCMI, or 6.8% of the shares outstanding. That would make AMC the third largest shareholder, according to data provided by FactSet.
The 13G filing implies a passive investment, which suggests AMC doesn’t intend to make changes at the company.
NCMI shot up as much as 21.4% intraday, before paring gains to be up 6.1% in morning trading. It has now gained 8.5% amid a three-day win streak, since it closed at a record low of $1.42 on Friday and Thursday.
Meanwhile, AMC’s “meme” stock climbed 7.5% in morning trading, and has soared 33.8% since closing at a one-year low of $10.37 on May 11.
The disclosure of AMC’s investment in a cinema advertising company may not be such a surprise for investors, especially when compared with the disclosure two months ago of an investment in $Hycroft Mining (HYMC.US)$ .Days before the Hycroft investment was announced, the miner’s stock had closed at a record low of 29 cents. It traded down 0.8% Wednesday morning at $1.33.
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..
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Jodom_Jay OP 70924419 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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jurgen_wsb : Ncmi pays a small dividend
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