Why is AMC stock surging 12% today?

AMC Entertainment Holdings shares surged 17% on Wednesday after Chief Executive Officer and Chairman Adam Aron disclosed a substantial open-market purchase of the company's stock, signaling renewed confidence in the theater chain's outlook. According to a Form 4 filing with the US Securities and Exchange Commission dated May 19, Aron purchased 250,000 shares of AMC's Class A common stock at an average price of about $1.38 per share.