GameStop leads meme stocks lower, on track for sharp weekly drop

GameStop leads meme stocks lower, on track for sharp weekly drop

Shares of GameStop Corp slid further in early trade on Tuesday, continuing a slump that has seen the videogame retailer’s stock shed a third of its value so far this week.
The company’s shares were down 16.4% at $184, on track for their worst weekly performance since early February, with a drop of more than 30% since Friday’s close.

Other so-called meme stocks, popular with online retail traders, declined early in Tuesday’s session, with cinema operator AMC Entertainment Holdings Inc down 8.6%, while headphones maker Koss Corp fell 7.1%.

GameStop continues to retain a legion of devout followers after a social media frenzy in January triggered a massive rally in which its shares surged more than 1,600%, in a short squeeze that shook hedge funds such as Melvin Capital.

Credit: Stocks-Markets-Economic Times

Leave A Comment

Your email address will not be published. Required fields are marked *