GameStop shares surge in early deals, on course to extend rally
10/03/2021 10:27
March 10 (Reuters) - Shares of GameStop GME.N jumped
before the bell on Wednesday, setting the videogame retailer on
track for its longest streak of daily gains in six months and
extending a rally that has already doubled the company's market
value.
Other "meme stocks" also rose on Wednesday, with headphones
maker Koss Corp KOSS.O and cinema giant AMC Entertainment
AMC.N jumping more than 5% in premarket trading.
GameStop was trading 14.1% higher at $281.71, on course for
a sixth straight session of gains.
The company's Germany-listed shares GMEa.F jumped nearly
19% to 235 euros a share. Data from brokerage Lang & Schwarz
showed the scrip to be among the top three traded shares on its
platform.
GameStop is the flag-bearer of the so-called "stonks" - a
term used to describe stocks with convoluted prospects that are
popular with retail traders on online forums. The videogame
retailer's stock has seen its fortunes fluctuate since a social
media frenzy in January drove a 1600% surge.
Meme stocks like GameStop could continue their recent rally,
as individual investors active on online social media forums
pour portions of their stimulus checks into the stock market.
urn:newsml:reuters.com:*:nL1N2L71IE
(Reporting by Aaron Saldanha in Bengaluru; Editing by Anirban
Sen and Devika Syamnath)
((Aaron.Saldanha@thomsonreuters.com; +91 80 6749 1130; Reuters
Messaging: Aaron.Saldanha@thomsonreuters.com@reuters.net))