Get out the popcorn! AMC Entertainment is having the best year of any stock with a market cap of at least $3 billion.
The movie chain’s shares are up over 2,800% in the year to date and its surge on Thursday was drawing awe from observers of financial markets, along with strident finger wagging from traditional investors who view the meme-driven asset’s surge as nothing more than a bubble-fueled frenzy that is certain to pop soon.
However, the jump in its shares represents a disconnect from how its bonds are trading, according to Wall Street veteran Larry McDonald, a former Lehman Brothers executive and author of financial blog Bear Traps Report. McDonald surmised that the disconnect between the soaring stock and the company’s bond, which is trading well below par at 81, highlights broken markets and silly trading in his view.
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