White-knuckle thriller for AMC as it sells stock into frenzy

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The wild ride for the summer’s blockbuster stock, AMC Entertainment, is getting even crazier. The movie-theater company’s stock plunged nearly 40% after it announced plans to sell 11.6 million shares to raise cash, while warning buyers they could lose all their investment. But it erased the loss in just a few hours and then bounced between gains and losses before ending Thursday with a drop of 17.9%. It’s the latest stupefying move for one of the “meme stocks” that have rocked Wall Street. Many professional investors say these stocks are set to fall, but that’s not deterring an army of smaller-pocketed investors sticking with them.

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