The daily business briefing: June 3, 2021

AMC shares skyrocket to record high, JBS meat plants resume operations after cyberattack, and more

An AMC sign
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1. AMC reaches out to shareholders as stock skyrockets

Shares of AMC, the world's largest movie-theater chain, skyrocketed by 120 percent to a record high on Wednesday. The stock retreated a bit from its peak above $70, closing with a gain of 95 percent at $62.55. AMC was lifted up by investors on the WallStreetBets Reddit board, who have been boosting the stock to punish short sellers betting that it will fall. The company said it would reach out to its "passionate" new supporters with a program called "AMC Investor Connect." "Many of our investors have demonstrated support and confidence in AMC. We intend to communicate often with these investors, and from time to time provide them with special benefits at our theatres," Adam Aron, AMC's CEO, said in a statement. "We start with a free large popcorn on us when they attend their first movie at an AMC theatre this summer."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.