GameStop (GME) and AMC (AMC) shares were both briefly halted for volatility on Tuesday morning amid a recent rally in ‘meme stocks’.
Shares of the video game retailer surged to $199 a piece during the morning session before dropping below their opening level. GME ended the day down 5% at $179.90.
Cinema chain operator AMC’s stock went as high as $34 this morning and ended the session flat at $29.44.
The flagship meme stocks have been on a tear over the last week and a half.
GameStop shares surged last Wednesday after chairman Ryan Cohen bought 100,000 shares of the video game retailer.
Earlier this month AMC announced it was buying a stake in gold and silver miner Hycroft Mining Holding Corp (HYMC).
On Monday AMC surged 45% in one day after the cinema chain’s CEO Adam Aron told Reuters investors should expect to see more “transformational” deals in the future.
“I’d like to think there will be more third-party external M&A announcements going forward where AMC can reach for the stars and intriguing investments that have potentially attractive returns,” Aron said.
AMC and GME are currently the #1 and #2 trending tickers on Yahoo Finance. It’s been a volatile quarter for the broader markets as well as meme stocks. Despite the volatility, GameStop and AMC are both positive for the year. Bed Bath and Beyond (BBBY), another meme stock, is up around 90% year-to-date.
Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre
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Source: finance.yahoo.com