Why AMC Entertainment Shares Are Rising Today

AMC Entertainment Holdings Inc AMC is trading higher Wednesday in sympathy with Bed Bath & Beyond Inc BBBY and other popular Wall Street Bets stocks following announcements from Bed Bath & Beyond.

Bed Bath & Beyond announced a strategic collaboration with The Kroger Co KR to directly offer Kroger customers a selection of goods focused on home and baby products through Kroger.com, as well as a small-scale physical store pilot.

Bed Bath & Beyond also announced the launch of a new digital marketplace to build on the home and baby categories.

"The marketplace will expand its assortment of key products from a highly curated selection of third-party brand partners that will be seamlessly integrated into the Bed Bath & Beyond digital platform," according to the company.

Lastly, Bed Bath & Beyond said it expects to complete its $1 billion three-year share repurchase plan by the end of fiscal-year 2021, which is two years ahead of schedule.

Related Link: Bed Bath & Beyond Surges 80% On Kroger Deal, Digital Shift And $1B Buyback

"We continue to execute our bold transformation and implement successful strategies that will fortify our near-term and long-term value creation," said Mark Tritton, president and CEO of Bed Bath & Beyond.

Tritton continued, "We remain committed to our capital allocation framework of delivering strong and sustainable total shareholder return."

Bed Bath & Beyond was one of the stocks that surged significantly when retail investors on Reddit's r/wallstreetbets pushed stocks like AMC Entertainment and GameStop Corp GME higher earlier in the year. 

AMC Entertainment is involved in the theatrical exhibition business. It owns, operates or has interests in theaters located in the United States and Europe.

AMC Price Action: AMC Entertainment has traded as high as $72.62 and as low as $1.91 over a 52-week period.

The stock was up 4.64% at $40.57 at time of publication.

Photo: samantha celera from Flickr.