Why Is AMC Entertainment Tumbling Today?

Shares of AMC Entertainment (NYSE: AMC) are tumbling 7.2% at 10:41 a.m. ET on Friday after the company reported second-quarter earnings yesterday following the market close, but all anyone wanted to talk about was the special preferred stock dividend it will issue on a 1-for-1 basis. It will trade under the ticker symbol APE, which technically refers to "AMC Preferred Equity," but is clearly also a nod to the investors who have carried the stock over the past year or so and who refer to themselves collectively as "apes." There are several reasons AMC is issuing the preferred stock.