GameStop, AMC extend gains as meme stocks rally continues

Tupperware Brands

15/05/2024 11:15

** Shares of GameStop  GME.N  and AMC Entertainment  AMC.N 
rise as much as 20% each premarket before paring gains as the
meme stocks frenzy extends
    ** GME this week alone gained 179.2% as of last close, while
AMC jumped 135.3%
    ** Keith Gill, known as "Roaring Kitty" on YouTube and
"DeepF***ingValue" on Reddit, made a comeback after a three-year
hiatus on X.com on Monday
    ** In a first, a clip was shared on Tuesday after the bell
with "GameStop" flashing on screen
    ** Gill had made the case for GME on social media platforms,
attracting retail inflow into the co, in the meme stocks frenzy
that surfaced three years ago when COVID-19 lockdowns boosted
savings and lower interest rates pushed investors to stocks
    ** It's driven by social media and blogging and in terms of
these companies, not much has changed in the last 48 hours, says
Christopher Peters, trading floor manager at Accendo Markets
    ** Other highly shorted stocks Koss Corp  KOSS.O ,
Tupperware Brands  TUP.N  and U.S.-listed shares of Blackberry
 BB.N  also saw two sessions of gain as a part of the frenzy

 (Reporting by Purvi Agarwal and Pranav Kashyap in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))