AMC Theater, Times Square

New Data Shows Big Drop in AMC Fails to Deliver

The Securities and Exchange Commission (SEC) has just released new fails to deliver data for the second half of July. It shows that fails to deliver in shares of AMC Entertainment Holdings, Inc., dropped substantially in the last two weeks, but remain elevated.

In the first half of July, AMC had over 3.5 million fails to deliver. Here is the raw data from the SEC from July 1st. The fails to deliver are the number right before the company name:

20210701|00165C104|AMC|3519354|AMC ENTMT HLDGS INC CL A COM S|56.68

The most recent data, from July 30, show a significant decrease:

20210730|00165C104|AMC|160233|AMC ENTMT HLDGS INC CL A COM S|38.13

Let’s back up for a second: what are fails to deliver and why do they matter? Fails to deliver occur when a trade in a stock doesn’t clear properly. Sometimes the cause is benign, but AMC’s fails to deliver have been large and persistent.

Such a pattern is often associated with the illegal practice of naked short selling. Naked short selling involves selling shares without actually borrowing them first, pushing down the price artificially.

Perhaps recent moves by the SEC, New York Stock Exchange (NYSE), National Securities Clearing Corporation (NSCC), and others to reduce fails to deliver and prevent illegal trades are having an effect.

That said, AMC’s fails to deliver remain 238 times larger than those of Amazon (671 on July 29th, the most recent date available). Amazon has a market cap nearly 100 times AMC’s. AMC’s fails to deliver are 351 times the size of Apple’s (456 on July 30), the largest stock in the market.

Trading in AMC stock still looks fishy. Regulators may be making progress but there’s still a long way to go.

More on AMC:




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