GameStop, AMC extend losses as meme stocks rally fades

Tupperware Brands

16/05/2024 15:48

(Updates)
    ** Shares of videogame retailer Gamestop  GME.N  slide 14%
to $33.94 in early trading, following 18.9% drop in last session
as this week's surge in meme stocks fades 
    ** AMC Entertainment  AMC.N  shares slide 9.5% to $4.96
following 20% fall in prior session
    ** Rally sparked by "Roaring Kitty" posting on X on Sunday
after three years
    ** Keith Gill, also known as Roaring Kitty, credited with
first generating trading frenzy in 2021 when he made bullish
calls on Gamestop through social media posts
    ** GME this week alone gained 126.5% as of last close, while
AMC jumped 88.3%
    ** Highly shorted shares of Koss Corp  KOSS.O , Tupperware
Brands  TUP.N  and BlackBerry ADRs  BB.N  also down 

 (Reporting by Nikhil Sharma in Bengaluru)
 ((nikhil.sharma@thomsonreuters.com))