GameStop and AMC grow profits, but broader meme stock gains falter
A GameStop store opens in a Chicago strip mall on March 16, 2023.
Scott Olson | Getty Images
game stop and AMC The broader meme stock frenzy died down early in the third day, with BlackBerry shares flat and Koss shares slightly lower, posting more gains in pre-market trading.
Brick-and-mortar video game retailer GameStop was up 10.16% as of 6:40 a.m. ET, while movie theater chain AMC was up 9.20%.
Other so-called “meme stocks” were also mixed in in advance trading.Stock prices of once popular smartphone manufacturers blackberries Headphone maker rose just 0.58% Cos Down 4.39% as of 6:42 a.m. ET.
Meme stock boom reignited on Monday, seemingly fueled by unusual social media update From “Rolling Kitty”. The man, whose legal name is Keith Gill, posted a photo on social media platform X of a video gamer sitting facing forward in a chair. This is a meme used by gamers to show that they are serious about gaming.
Gill, also known as DeepF——Value on Reddit. A former marketing executive for Mutual Life Insurance of Massachusetts, he led a large number of day traders flocking to GameStop in 2021.
The resurgence of the meme stock phenomenon sent shares of GameStop and AMC up more than 70% on Monday, and the stocks continued to rise through Tuesday. Enthusiasm seemed to be waning. By the end of the previous session.
Speaking on CNBC, “road signs europeOn Tuesday, Cole Smead, CEO of Smead Capital Management, described the meme stock trend as follows:frankly stupid. ”
“It's a gamble,” he said.
—CNBC's Yun Li contributed to this report.
Summarize this content to 100 words A GameStop store opens in a Chicago strip mall on March 16, 2023.Scott Olson | Getty Imagesgame stop and AMC The broader meme stock frenzy died down early in the third day, with BlackBerry shares flat and Koss shares slightly lower, posting more gains in pre-market trading.Brick-and-mortar video game retailer GameStop was up 10.16% as of 6:40 a.m. ET, while movie theater chain AMC was up 9.20%.Other so-called “meme stocks” were also mixed in in advance trading.Stock prices of once popular smartphone manufacturers blackberries Headphone maker rose just 0.58% Cos Down 4.39% as of 6:42 a.m. ET.Meme stock boom reignited on Monday, seemingly fueled by unusual social media update From “Rolling Kitty”. The man, whose legal name is Keith Gill, posted a photo on social media platform X of a video gamer sitting facing forward in a chair. This is a meme used by gamers to show that they are serious about gaming.Gill, also known as DeepF——Value on Reddit. A former marketing executive for Mutual Life Insurance of Massachusetts, he led a large number of day traders flocking to GameStop in 2021.The resurgence of the meme stock phenomenon sent shares of GameStop and AMC up more than 70% on Monday, and the stocks continued to rise through Tuesday. Enthusiasm seemed to be waning. By the end of the previous session.Speaking on CNBC, “road signs europeOn Tuesday, Cole Smead, CEO of Smead Capital Management, described the meme stock trend as follows:frankly stupid. ””It's a gamble,” he said.—CNBC's Yun Li contributed to this report.
https://www.cnbc.com/2024/05/15/gamestop-amc-extend-gains-but-broader-meme-stock-rally-fizzles.html GameStop and AMC grow profits, but broader meme stock gains falter
