AMC shares pull back after skyrocketing on stock conversion court setback

AMC Entertainment Holdings Inc.’s stock
AMC,
+32.95%
pulled back 8% in premarket trades Tuesday. Shares of AMC skyrocketed 33% Monday after a judge blocked the company’s plan to convert its AMC Preferred Equity units
APE,

to common stock. The stock saw trading volume of 256.92 million shares Monday, well above its 65-day average of 22.13 million shares. AMC’s bonds were also among the top gainers in high yield Monday, according to bond data solutions company, BondCliQ. Shares of the movie theater chain and meme stock darling have risen 43.7% this year, outpacing the S&P 500 index’s
SPX,
+0.40%
gain of 18.6%.