HMNY closed up 33.9 percent on Monday, October 9, 2017, on 3.96 times normal volume. The bulls were able to push the stock to a new 52-week high. This stock has risen 775% since it announced the deal to invest in Movie Pass, the $9.95 month all you view movie theatre ticket that the co founder of Netflix and former CEO of RedBox. We bought AMC Theatres recently because of the insider buying and the belief that they willl go to a subscription model and it will cause Wall Street to reevaluate the business. As it turns out the company doing the subscription model now is soaring in value while AMC is collapsing, down 8% today alone, 34% over the last three months. The irony is that AMC gets paid FULL price for all tickets that Movie Pass’s customers use at the theatre chain. Anything that can increase movie going audience will have snowball effects at the popcorn and concession counters. To find out more about this insane situation read Variety article.
