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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.

GOP Rep. Gonzalez retires in face of Trump-backed primary

Ohio Rep. Anthony Gonzalez (R) Photographer: Stefani Reynolds/Bloomberg via Getty Images

Ohio Rep. Anthony Gonzalez (R) announced his retirement on Thursday, declining to run against a Trump-backed primary challenger in 2022.

Why it matters: Gonzalez has suffered politically since siding with House Democrats to impeach the 45th president after the Capitol riot.

Swing voters oppose Texas abortion law

Protesters at a rally at the Texas State Capitol. Photo: Jordan Vonderhaar/Getty Images

All 10 swing voters in Axios’ latest focus groups — including those who described themselves as "pro-life" — said they oppose Texas' new anti-abortion law.

Why it matters: If their responses reflect larger patterns in U.S. society, this could hurt Republicans with women and independents in next year's midterm elections. The swing voters cited overreach, invasion of privacy and concerns about frivolous lawsuits jamming up the courts.