Midday Meme Stock Report for 7/14: AMC, CCIV, Playboy, Virgin Galactic

Investing

Published: July 14, 2021 1:16 pm

Since June 30, shares of AMC Entertainment Holdings Inc. (NYSE: AMC) have plunged by 30%. Even a strong weekend box office performance (thanks to Marvel’s “Black Widow”) couldn’t stop the bleeding. Either you believe that movie theaters are going to stage a comeback from the COVID-19 debacle or you don’t. If you do, then you are probably willing to wait and see what AMC will do with all the cash it raised by issuing new stock. Otherwise, you’re probably selling.

Virgin Galactic Holdings Inc. (NYSE: SPCE) has dropped more than 15% since founder Richard Branson’s Sunday spaceflight. It is still among the leaders in mentions on Reddit and most of those mentions are encouraging shareholders to HODL. What those mentions are not saying is how long shareholders will have to wait.

Playboy, or PLBY Group Inc. (NASDAQ: PLBY) as it is now known, said last week that it is listing a heritage NFT of a print of “a Playboy Bunny pictured water-skiing outside of the Miami Playboy Club in 1970.” That ought to drive the share price higher all right.

Churchill Capital Corp. IV (NYSE: CCIV) will host a special shareholder meeting for Thursday, July 22, to vote on the company’s business combination with electric vehicle maker Lucid Motors. Given the recent troubles of Lordstown Motors, another EV maker that came public in a SPAC merger, investors continue to be wary of similar deals. While it’s unlikely that CCIV’s shareholders will cancel the planned deal, anything can happen.

AMC shares traded down about 10%, at $35.44 in a 52-week range of $1.91 to $72.62. The average daily trading volume is almost 161 million shares, and nearly 24 million shares had changed hands in the first half of Wednesday.

Shares of Virgin Galactic were down almost 12% in the noon hour, at $33.25 in a 52-week range of $14.27 to $62.80. The average daily trading volume is around 37 million, and 54 million had traded thus far.

PLBY shares traded down about 7.1% to $32.03, in a 52-week range of $9.85 to $63.04. The average daily trading volume is about 2.7 million, and 1.2 million had changed hands.

Shares of CCIV traded down about 6.5% to $24.24. The 52-week range is $9.60 to $64.86. The average daily trading volume is 13.3 million, and about 8.7 million shares had traded on last look.

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