'Speculation that Robinhood has halted trading in $AMC is not accurate. Earlier today, the NYSE implemented a volatility trading pause of $AMC,' Robinhood wrote in a tweet on Wednesday.
On Wednesday, the New York Stock Exchange halted AMC trading as the stock surpassed $60. NYSE regulators halted trading for the stock for a Limit Up Limit Down pause.
According to the NASDAQ:"The Limit Up-Limit Down mechanism is intended to prevent trades in National Market System securities from occurring outside of specified price bands. The bands would be set at a percentage level above and below the average reference price of the security over the immediately preceding five-minute period."
The wall Street street sign is seen on March 23, 2020 in New York City. Robinhood dispelled speculations that it halted trading for AMC Entertainment Holdings after the New York Stock Exchange paused trading for the stock.Despite Robinhood's statement on Wednesday, investors attacked the stock trading application, accusing them of imposing the halt instead of the NYSE.
Dave Portnoy, founder of the sports and pop culture blog Barstool Sports, tweeted:"If you still use @RobinhoodApp that's your fault. How many times are you gonna fall for the old banana in the tailpipe? Having said that this is still outrageous."
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