Meme stocks GameStop, AMC on the back foot

KOSS

10/01/2022 15:38

** Video game retailer GameStop  GME.N  and theater chain
AMC  AMC.N  retreat, as the "meme stocks" resume their recent
slide
    ** Weakness comes as markets tumble on Mon amid risk-off
mood  .N 
    ** GME down 12.0% at $123.74, hits lowest levels since Mar
2021. This after shares on Fri jumped as high as $160.31
following report co plans to enter non-fungible tokens (NFTs),
cryptocurrency markets  urn:newsml:reuters.com:*:nL4N2TM3BM
    ** AMC last off 4.4% at $21.97
    ** Retail darlings Bed Bath & Beyond  BBBY.O  down 5.5%,
Blackberry  BB.N  off 2.9% and Koss  KOSS.O  declining 4.2% on
Mon
    ** GME and AMC were front-and-center in the retail trading
frenzy that began a year ago, which sparked massive rallies in
their stocks
    ** With move on the session, GME down ~17% to start 2022,
following ~15% drop in Q4 2021. AMC has now lost nearly 20% to
begin the year, adding to 28.5% decline in previous qtr
    ** Crypto stocks, also among retail favorites, falling on
Mon as bitcoin briefly breaks below $40,000  urn:newsml:reuters.com:*:nL4N2TQ2Z3

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))