GameStop, AMC Shares Soar as Traders Pounce on Meme Stocks
- Latest rally spurred by social media return of ‘Roaring Kitty’
- Both stocks trade below the 2021 peaks hit during last frenzy
Meme-stock traders again piled into shares of GameStop Corp. and AMC Entertainment Holdings Inc. in a revival of the retail-trading frenzy that rocked markets during the pandemic.
The video-game retailer’s stock jumped 60% after rising as much as 113% earlier on Tuesday, while the beleaguered movie theater chain’s shares were up 32%. The swings triggered multiple halts in the trading of each stock throughout the day. GameStop has picked up more than $11 billion in market value this month as its stock has soared, while AMC has gained some $1.2 billion.