GameStop, AMC stocks rocket in volatile trading, reversing earlier losses

“Meme”-stocks GameStop Corp. and AMC Entertainment Holdings Inc. skyrocketed in volatile trading Thursday, with both reversing sharp earlier losses. GameStop’s stock has already been halted four times for volatility since the open. The consumer electronics and videogame retailer’s stock was up 15.1% in morning trading, after being down as much as 4.4% at its intraday low of $77.77, which was the lowest price seen since it hit an 13-month low on March 14. Meanwhile, AMC shares shot up 9.7% to reverse a loss of as much as 6.5% at its intraday low of $9.70, which was the lowest price seen since May 11, 2021. While the movie theater operator’s stock hasn’t been halted, trading volume of 41.5 million shares was already more than the full-day average of about 36.6 million shares. At their intraday highs, GameStop’s stock was up 32.9% and AMC’s stock was up 32.2%. At current prices, short interest (bearish bets) in GameStop represented 21.35% of the public float, or shares available for trade, and while AMC had 19.5% of its public float shorted. Neither company has issued a press release on Thursday. Year to date, shares of GameStop are still down 36.9% and AMC is down 58.2%, while the S&P 500 has lost 17.8%.

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