Communications services companies fell as traders retreated from "meme stocks."
Cinema chain AMC Entertainment Holdings tumbled after the company said it plans to sell a secondary offering of more than 11 million shares, a day after the "meme stock" almost doubled in value. AMC officers warned investors that "current market prices reflect ... dynamics unrelated to our underlying business," a stark warning that day traders had run up the price of AMC shares in a nonsensical fashion.
Magazine publisher Meredith accepted an increased offer of $2.825 billion for its local TV stations from rival Gray Television following an unsolicited offer.
Sinclair Broadcast Group agreed to sell its Seattle-area radio stations to Lotus Communications for roughly $18 million.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-03-21 1717ET
