GameStop falls after gaining on bullish bet from 'Roaring Kitty'

Tupperware Brands

04/06/2024 17:14

(Updates)
    ** Shares of videogame retailer GameStop  GME.N  fall 5.6%
to $26.35 after soaring 28% in previous session
    ** Stock rose as much as 75% to $40.5 on Monday
    ** Rally followed financial influencer "Roaring Kitty" Keith
Gill's Reddit post after a three-year gap on June 2 that showed
a $116 mln bet on GME
    ** Gill's post shares a screenshot that shows 5 mln shares,
or 1.8% of GME's publicly available stock, purchased at $21.27/
shr 
    ** Post also discloses call options expiring on June 21 at a
strike price of $20, worth $65.7 mln at Monday's close
    ** Gill is credited with unleashing the 2021 retail trading
frenzy, or the "meme stock" rally, with bullish bets on GME 
    ** Short-seller Andrew Left, who suffered losses in betting
against GME during the 2021 rally, placed a new bet against the
stock
    ** Other meme stocks that gained on Monday also fall; Reddit
 RDDT.N , Robinhood Markets  HOOD.O , AMC Entertainment  AMC.N ,
Tupperware  TUP.N  and U.S.-listed Blackberry shares down
between 0.5% and 4.5%
    ** GME stock up 50.6% YTD 

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