A GameStop store operates in a shopping center in Chicago on March 16, 2023.
Scott Olson | Getty Images
GameStop and AMC shares fell in premarket trading Wednesday as the meme stock trading frenzy showed signs of running out of steam.
Physical video game retailer GameStop fell 13%, while movie theater chain AMC fell 12%.
The meme stock craze resurfaced Monday, apparently reignited by a rare social media outlet update from “Roaring Kitty”. The man, whose legal name is Keith Gill, posted a photo on social media platform serious.
Gill, also known as DeepF——Value on Reddit, is a former marketing specialist for Massachusetts Mutual Life Insurance, who previously led a slew of day traders who flocked to GameStop in 2021.
The return of the meme stock phenomenon sent GameStop and AMC shares soaring more than 70% on Monday, with the stock extending gains into Tuesday. Enthusiasm seemed to fade as the previous session closed.
Speaking on CNBC’s “Street Signs Europe” on Tuesday, Smead Capital Management CEO Cole Smead called the meme stock craze “frankly stupid.”
“It’s gambling,” he said.
— CNBC’s Yun Li contributed to this report.
News Source : www.cnbc.com
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