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Reddit traders drove AMC's stock to meteoric heights. Now they're one reason why the theater chain tabled its latest plan to cash in on that hype.

What's new: AMC said Tuesday it's putting off a vote that could have let the company sell up to 25 million more shares next year.

  • "The strength of the retail investor has been acknowledged and respected," one Reddit user posted in response.

Why it matters: It's how AMC has taken advantage of the absolute mania: issuing shares and using proceeds to shore up the business that's been clobbered by the pandemic.

Where it stands: "[T]hey have raised enough capital and have their debt trimmed to a manageable level," says Michael Pachter, a Wedbush analyst.

  • Movie-goers are returning, helping bolster cash — though overall movie attendance remains well below pre-pandemic levels.
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Catch up quick: Retail investors, which own a whopping 80% of AMC's shares, voiced opposition to the share sale. But it's not clear whether enough of them would have "shown up" to even move the vote forward.

  • "It's sort of like you live by the sword, you die by the sword," says Matt Zloto, an analyst at CreditSights.
  • "There have been some really fantastic things that have happened ... given the excitement from retail investors. But then the reality is some of the more mundane aspects of investing, like voting in shareholder meetings, are a little bit anathema" to this group.

What to watch: AMC has had to confront the new face of shareholders: an army of retail investors that coalesce on social media platforms.

  • CEO Adam Aron said that the company would offer an early screening of "Escape Room" for AMC "Apes" — how company investors deem themselves on Reddit.

Go deeper: How AMC is different

Go deeper

Felix Salmon, author of Capital
Aug 5, 2021 - Economy & Business

The downside of Robinhood's upside

Expand chart
Data: YCharts; Chart: Axios Visuals

One definition of a meme stock is this: Any publicly listed company whose stock becomes a speculative vehicle beloved of retail investors armed with small-dollar Robinhood accounts.

Driving the news: To no one's surprise, Robinhood itself has now become one of those stocks, just a few days after going public last week.

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm was lashing much of the East Coast on Sunday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: The Weather Prediction Center said in a storm summary Monday that winter storm warnings are still in effect for portions of the Central Appalachians, Ohio Valley, interior Mid-Atlantic, and Northeast, while portions of the Central Appalachians and coastal New England are under high wind warnings.

Colleyville Rabbi credits survival to active-shooter training

Rabbi Charlie Cytron-Walker, one of the people taken hostage in a synagogue outside Fort Worth on Saturday, said in an interview with CBS Monday that he initially took in the man because he thought he needed shelter.

The big picture: Cytron-Walker said he spoke to the hostage taker, identified by the FBI as 44-year-old British national Malik Faisal Akram, for several minutes and made him tea before Akram took the rabbi and three other people hostage during Shabbat services for around 11 hours in Colleyville, Texas.