Meme stocks soar in late-day trading surge

KOSS

24/08/2021 20:18

** Shares of several retail trading darlings, including AMC
Entertainment  AMC.N  and GameStop  GME.N , surged in heavy
volume late on Tuesday
    ** While broad market indexes were up modestly - with the
Nasdaq  .IXIC  up 0.65 and the S&P 500  .SPX  0.3% higher - meme
stocks notched big gains
    ** GameStop shares were up 27.18%, AMC shares were up 22.1%,
Clover Health Investments  CLOV.O  was 10.5% higher, Koss Corp
 KOSS.O  rose 11.1%, Robinhood Markets climbed  HOOD.O  10.1%,
ContextLogic  WISH.O  rose 7.4%
    ** Several of these names also drew higher than usual
trading volume in the options market; for instance, AMC options
trading volume at 315k contracts was 6x the recent avg daily
volume, per Trade Alert data
    ** "When you get a move that big it almost makes you think
there is some big hedge fund or something out there that decided
to do some trades," said Randy Frederick, managing director of
trading and derivatives at Schwab Center for Financial Research

 (Reporting by Saqib Iqbal Ahmed)
 ((saqib.ahmed@thomsonreuters.com; @SaqibReports; +1 646 223
6054; Reuters Messaging:
saqib.ahmed.thomsonreuters.com@reuters.net))