Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon, today is Tuesday, May 14th, and I'm your host, Kim Khan. Our top story so far.

Welcome to the mean stock roller coaster. Please keep your hands and feet inside the car at all times.

Gaines stop in AMC, along with a handful of other meme names, saw wild swings for a second session in a row.

Both stocks are up more than 150% at the highs of pre-market trading. The fervor

followed Roaring Kitty tweeting 11 more times, all video clips with a fighting

motif. But neither stock held on to early highs. GME opened up around 115% higher and AMC opened up 130% through numerous

volatility halts they are training up more than 20% early afternoon. Seeking

Alpha analyst Ron Isbitz said that the last beam stock rally made a lot of people

paper-rich and then poor and no one learned much about how to invest.

Markets don't price stocks at fair value very often, and so that tells me to concentrate on a lot more than

traditional fundamental analysis. David Bool, who specializes in equity

derivatives at Baycrest Partners, said on CMBC that the groundwork for the

frenzy this week had already been laid with

options activity well before Roaring Kitty's return tweet.

Bool said there was a large amount of out-of-the-money GME calls bought from April 26th into the first week of May, with the strike price centered

around $30,000 of the May 30 calls traded over the last two or three weeks.

AMC wasted no time in taking advantage of the stock surge, though,

wrapping up an at-the-market equity offering with a raise of $250 million in new equity capital.

In an SEC filing, A. M.C. noted that on Monday, it completed the equity offering that it launched on March 28th.

Overall, in the course of the offering, it sold 72.5 million shares at an average price of about 3.45 each.

Elsewhere in today's trading, equity investors had trouble committing either way after wholesale

...