What to do when your chosen meme stock hits a wall? Photoshop green laser eyes on your social media avatar, get a hashtag trending, and take another shot at the moon, of course.
During a very rough day for AMC Entertainment
on Wednesday, retail traders on social media began to pump each other up by giving new life to one of their hashtag rallying cries: #AMCStrong. They also shared data purporting to show renewed hedge fund shorting of the theater chain stock and changed their online images to feature green laser eyes meant to reflect their shared intense focus on squeezing back.
AMC dropped more than 9% on Wednesday, snapping an eight-day win streak that pushed shares over $14 for the first time since March. The theater chain’s bad day was part of a broader move down for all three major indexes
and it appeared that some traders were fading AMC’s basket of high-interest debt in light of new market dynamics. But individual investors on Twitter and Reddit appeared to smell a familiar rat.
On Reddit, users continued to speculate that hedge funds were hiding major short positions against AMC and egged each other on to fight back.
“Remember that they are waging psychological warfare on us to try and shake us off our positions,” posted one user on r/gmeamcstonks, adding the hashtags #AMCStrong and #AMCSqueeze.
On Twitter, user @PappaApe posted what appeared to be Cameo video of Dallas Cowboys running back Ezekiel Elliott touting the stock.
“This one for the AMC apes,” Elliott says in the video which was photoshopped with a rocket emoji and the #AMCStrong hashtag. “I love the movie theaters, I support the apes holding down the lines. AMC to the moon, baby!”
The tweet received more than 1,000 retweets and more than 4,000 likes in 12 hours. #AMCStock became a trending topic on Twitter by midmorning Thursday.
Other Twitter users joined the movement by adding green laser eyes to their profile pictures and other images, using a meme mimicking a movie and TV trope that directors use to show a character’s superpowers beginning to activate.
“Hey hedgies, we’re coming for y’all with our green laser eyes!” posted Twitter user @Troy56882729 on Thursday morning. “#AMCSTRONG.”
The glowing eyes appear to be working. After falling off just after the opening bell, AMC shares shot back into the green Thursday. Shares in GameStop
AMC’s fellow Ur-meme stock, also surged after an early dip.