Reuters
2024.05.15 14:38
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BUZZ-GameStop, AMC slide after two days of gains from return of 'Roaring Kitty'

GameStop and AMC shares are sliding after two days of gains stemming from social media posts by Keith Gill, known as "Roaring Kitty." GME fell 29% and AMC dropped 23.9%. The rally was driven by social media and blogging, and not much has changed in the last 48 hours. Other shorted stocks, Koss Corp and Tupperware Brands, also fell after recent gains.

(Updates)

** Videogame retailer GME’s (GME.N) shares fall 29% to $34.4 after rallying nearly 180% for two straight sessions

** Theater chain AMC Entertainment (AMC.N) down 23.9% to $5.2, having gained over 135% over the past two days

** Shares of the two firms surged over the past two sessions on a meme stock trading frenzy that stemmed from social media posts by Keith Gill, popularly known as “Roaring Kitty”, after an interval of three years on Monday

** He also shared a clip with GameStop flashing on screen on Tuesday

** Gill on YouTube and on Reddit first unleashed the so-called meme stock rally after sparking bullish calls on Gamestop in 2021

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

** 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) and Tupperware Brands (TUP.N) down after two sessions of gain