GameStop, other social media-hyped stocks lose ground after active day
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Shares of videogame retailer GameStop Corp slumped on Monday, losing ground along with a slew of other social media-hyped stocks that took investors on a wild ride earlier this month.
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Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
GME | GAMESTOP CORP | 60.00 | -3.77 | -5.91% |
AMC | AMC ENTERTAINMENT HOLDINGS INC | 6.18 | -0.65 | -9.52% |
KOSS | KOSS | 19.00 | -0.98 | -4.90% |
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GameStop and other “meme stocks,” including cinema operator AMC Entertainment Holdings Inc and headphone maker Koss have seen wild gyrations in their share prices over the past two weeks as amateur investors on forums such as Reddit’s WallStreetBets acted in concert to bid up stocks that some U.S. funds had bet against.
AFTER GAMESTOP STOCK FRENZY, 'VERY LITTLE' GOVERNMENT CAN DO TO REGULATE TRADING: FORMER SEC CHAIRMAN
The volatility has drawn the attention of regulators, although U.S. Treasury Secretary Janet Yellen said on Sunday it was too soon to say whether new policies or regulations were needed.
On Monday, GameStop shares, which soared from about $20 early in year to $483 on Jan. 28, rose before the U.S. stock market opened. But they closed down 5.91% at $60. AMC shares dropped 9.5% and Koss shares lost 4.9%.