Monday, April 12, 2021
Protect Your Immune System Today!
Home U.S GameStop, AMC and other meme stocks are meming again

GameStop, AMC and other meme stocks are meming again


GameStop (GME) soared nearly 53% Thursday, lifted by investors’ hopes that a board overhaul could transform the video game store into a digital-first Amazon (AMZN) competitor. The company announced Tuesday that former Amazon fulfillment chief Jenna Owens would take over as GameStop’s chief operating officer.

The company also said that it would replace its chief financial officer and shrink its board to nine directors from the current 13. Eight of GameStop’s current directors will not seek reelection at the company’s annual meeting later this year.

The company’s stock has taken a pounding over the past few weeks — particularly on Wednesday, when GameStop tumbled 33% following its miserable earnings report. Although it highlighted a few bright spots, including exploding digital growth, overall sales and profit fell short of Wall Street expectations.

But the Reddit army on subreddit WallStreetBets is a mighty one, and they were hopeful that GameStop had been oversold. The company’s stock had plummeted 54% over the past two weeks, and they believe GameStop was getting cheap.

As shares of GameStop got a boost, so too did other chronically shorted meme stocks that redditors have sent on a wild ride this year. For example, AMC’s (AMC) stock was up 21% and Koss (KOSS) rose 57%. Macy’s (M) rose about 8%.
AMC had been beaten to a pulp earlier this week after Disney announced it would delay “Black Widow” yet again and then premiere the Marvel superhero film simultaneously on Disney+ and in theaters. The movie theater company’s stock had been down 35% this week.
Meme stocks soared as the broader market was having trouble figuring out what to do. The S&P 500 (SPX) was 0.5% higher, and the Dow (INDU) was up 199 points, or 0.6%. But tech lagged behind, with the Nasdaq (COMP) rising just 0.1% a day after it tumbled 2% on renewed fears about rising bond yields.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Biden starts infrastructure push by meeting bipartisan group of lawmakers who could help shape $2 trillion proposal

The lawmakers in Monday's meeting are not the names usually associated with Oval Office meetings on major legislative initiatives -- no members of...

How American Airlines pulls planes from pandemic storage

Tulsa, Oklahoma (CNN) — Roger Steele's mission is preparing a plane for your summer vacation.Steele, an assistant manager at American Airlines' largest maintenance...

American Airlines prepares for summer travel demand surge – CNN Video

American Airlines is preparing to return many of its plans to the skies in anticipation of a summer travel surge. CNN's Pete Muntean...

Powell tells ’60 Minutes’ that US economy is at an ‘inflection point’

Powell made the comments during an interview on CBS News' "60 Minutes." In the interview, Powell provided a rosier economic outlook, in contrast...

Recent Comments