Following an 18-month delay as a result of the COVID-19 pandemic, the newest addition to the James Bond series, “No Time To Die,” is set to premiere in the U.S. this weekend.
AMC Entertainment Holdings Inc (NYSE: AMC) CEO Adam Aron is daring people to try to short AMC Entertainment stock ahead of the highly anticipated release, Jim Cramer said Friday on CNBC’s “Squawk On The Street.”
“He’s basically just daring people to short him,” Cramer said. “Who do they think they are to bet against Adam Aron?”
Aron took to Twitter Thursday to boast about AMC Entertainment’s positioning ahead of the “No Time To Die” release.
Some of you have suggested that as CEO of @AMCTheatres I’ve been playing chess while detractors played checkers. On the weekend that James Bond’s No Time to Die opens in the U.S., it feels more like AMC is playing 3-Dimensional Chess. To the naysayers, I say it loud: #CHOKEonTHAT pic.twitter.com/FVevPWD62X
— Adam Aron (@CEOAdam) October 8, 2021
Cramer noted that 80% of AMC Entertainment’s stock ownership comes from individual investors, as opposed to institutions. The current valuation makes sense, Cramer said.
Co-host David Faber asked Cramer how he could argue that AMC Entertainement’s current valuation makes sense.
“I’ll tell you how I make that judgement. If you wanted to sell 5,000 shares right now you could get it, so it makes sense to me,” Cramer responded. “Adam Aron is playing offense … don’t go against Adam Aron.”
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 0.05% at $38.16 at time of publication.
Photo: Eden, Janine and Jim from Flickr.
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