Reuters
2024.05.15 10:15
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BUZZ- GameStop, AMC extend gains as meme stocks rally continues

Shares of GameStop and AMC Entertainment continue to rally as meme stocks frenzy persists. GameStop gained 179.2% this week, while AMC jumped 135.3%. Keith Gill, known as "Roaring Kitty" on YouTube and "DeepF***ingValue" on Reddit, made a comeback on X.com. The frenzy is driven by social media and blogging, with no major changes in the last 48 hours. Other highly shorted stocks also saw gains.

** Shares of GameStop (GME.N) and AMC Entertainment (AMC.N) rise as much as 20% each premarket before paring gains as the meme stocks frenzy extends

** GME this week alone gained 179.2% as of last close, while AMC jumped 135.3%

** Keith Gill, known as “Roaring Kitty” on YouTube and “DeepF***ingValue” on Reddit, made a comeback after a three-year hiatus on X.com on Monday

** In a first, a clip was shared on Tuesday after the bell with “GameStop” flashing on screen

** Gill had made the case for GME on social media platforms, attracting retail inflow into the co, in the meme stocks frenzy that surfaced three years ago when COVID-19 lockdowns boosted savings and lower interest rates pushed investors to stocks

** It’s driven by social media and blogging and in terms of these companies, not much has changed in the last 48 hours, says Christopher Peters, trading floor manager at Accendo Markets

** Other highly shorted stocks Koss Corp (KOSS.O) , Tupperware Brands (TUP.N) and U.S.-listed shares of Blackberry (BB.N) also saw two sessions of gain as a part of the frenzy