Shares of AMC Preferred Equity Units APE, -9.17%, known as “APEs,” tumbled 13.3% in midday trading Thursday, as the trading vehicle of AMC Entertainment Holdings Inc.’s AMC, -8.02% special dividend headed toward a fifth straight loss and new lows. The “APE” shares, a nod to investors who turned a movie theater operator into a “meme” stock, have plunged 36.1% amid a five-day losing streak, and were trading 42.5% below where they closed ($6.00) on their first day of trading on Aug. 22. Meanwhile, AMC shares shed 7.6% amid a selloff in the broader stock market and fellow “meme” stocks, as a continued surge in interest rates spooked investors. The S&P 500 SPX, -0.58% shed 0.7%, while shares of GameStop Corp. GME, -5.41% sank 3.9% and of Bed Bath & Beyond Inc. BBBY, -4.68% slid 4.5%.
