GameStop investors rush back in – Axios

Source: FactSet; Chart: Axios Visuals
Source: FactSet; Chart: Axios Visuals

Meme stocks GameStop and AMC rallied Thursday. Shares of the companies closed up 10% and 8%, respectively, in contrast to the day’s relatively flat trading sessions.

  • At one point during the day, GameStop shares soared more than 30% and trading was halted for volatility multiple times, while AMC shares reached 20% gains.

What they’re saying: “Chances are most of these people who bought these crummy stocks last year … have lost a whole lot more than they would have in the broader market, [and they’re] just looking for a gamble, a lottery ticket to try to get it all back,” Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research, tells Axios.

The big picture: The moves are also part of the new normal — wild intraday market swings that reflect growing investor uncertainty about where the economy is headed.

Leave a comment

Your email address will not be published.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