Shares of AMC Entertainment (NYSE: AMC) were 3.4% higher at 11:24 a.m. ET on Wednesday after the movie theater operator filed a statement with the Securities and Exchange Commission that it now owns a 6.8% stake in National CineMedia (NASDAQ: NCMI), which runs advertisements on movie theater screens. CEO Adam Aron has said he would be making more investments using the $1.8 billion in liquidity AMC has available, and a purchase like this is probably what most people had in mind. National CineMedia is a holding company whose sole purpose is to operate National CineMedia LLC (NCM), which distributes ads to theaters.
Ray Dalio's Bridgewater Associates, the world's largest hedge fund, has parted ways with its stake in Tesla and placed new bets on meme-stocks AMC and GameStop during the first quarter.