May 14, 2024 - Economy

Charted: Meme resurgence, Day 2

A line chart that tracks the daily change in share price for GameStop, AMC, Trump Media, and Reddit from April 15 to May 15, 2024. GameStop's share price increased +392%, AMC's +179%, Trump Media's +101%, and Reddit's +56%.
Data: Yahoo Finance; Chart: Axios VIsuals

The meme stock resurgence continued through a second day.

The intrigue: One beneficiary, AMC Entertainment, said it had reaped about $250 million from a previously announced equity offering completed yesterday. (Most of that will go toward paying down debt.)

  • The company sold 72.5 million shares for an average of $3.45 in a sale it launched March 28.
  • Its stock closed today at $6.85, prompting at least one analyst to suggest it should consider a follow-on offering.

What we're watching: How long meme mania can last this time.

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This story was an excerpt from Axios Closer, a recap on the day's biggest business stories.

Read the full edition