GameStop Corp. shares
rose 13% in premarket trade Friday, and looked poised for another day of high-volume activity. The videogame retailer’s stock is on track for gains of 168% on the week after a move that began late Wednesday and continued through Thursday. In the absence of market-moving news, the move is again being attributed to activity on Reddit’s WallStreetBets forum. Other meme stocks that were swept up in a trading frenzy in January were also active. AMC Entertainment Holdings Inc.
was down 0.2%, BlackBerry Ltd.
was down 2.4%, Naked Brand Group Ltd.
was down 4% and Koss Corp.
was down 8%. Year-to-date, GameStop has gained 477%, while AMC is up 291%, after investors on that Reddit forum sought to create a short squeeze in both stocks in January. The unusual moves led to a congressional committee hearing last week at which executives from Reddit, the trading app Robinhood, Citadel and Melvin Capital answered questions, alongside individual investor Keith Gill – aka ‘Roaring Kitty
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