GameStop, AMC slide after two days of gains from return of 'Roaring Kitty'

Tupperware Brands

15/05/2024 15:38

(Updates)
    ** Videogame retailer GME's  GME.N  shares fall 29% to $34.4
after rallying nearly 180% for two straight sessions
    ** Theater chain AMC Entertainment  AMC.N  down 23.9% to
$5.2, having gained over 135% over the past two days
    ** Shares of the two firms surged over the past two sessions
on a meme stock trading frenzy that stemmed from social media
posts by Keith Gill, popularly known as "Roaring Kitty", after
an interval of three years on Monday
        ** He also shared a clip with GameStop flashing on
screen on Tuesday
  
    ** Gill on YouTube and on Reddit first unleashed the
so-called meme stock rally after sparking bullish calls on
Gamestop in 2021
    ** GME this week alone gained 179.2% as of last close, while
AMC jumped 135.3%
    ** 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  and
Tupperware Brands  TUP.N  down after two sessions of gain

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