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Meme AMC and GameStop shares fall to multi-month low as investors take risks


Speculative transactions include GameStop and AMC Entertainment was hit hard on Monday amid a widespread market sell-off, as investors dumped riskier names after a year of turning around.

GameStop – once the center of the meme stock mania, has fallen more than 12% in midday trading – bringing its losses so far to almost 29%. Shares in AMC fell 17%, pushing their monthly decline to more than 32% and hitting their lowest level since June. Bed Bath & Beyond fell 6.3%.

Other well-known names on Reddit’s WallStreetBets chat room also suffered heavy losses this month amid overall risk sentiment and heightened volatility. Clover health and BlackBerry fell 16% and 10% respectively in December.

However, Monday’s sell-off didn’t greatly affect the meme stocks’ metric rallies this year. AMC stock is still up more than 970% for the year, and GameStop is up more than 630% in 2021. The rally has pushed GameStop to the Russell 1000 Index of large-cap stocks from the small-cap Russell 2000.

A year-end sale could also be a sign that investors are losing patience, as AMC and GameStop’s turnaround plans have fallen out of favor with many. As GameStop tried to transform from physical store chains into more e-commerce retailers, it tap a bunch of new leaders – including Amazon executives Matthew Furlong and Mike Recupero as Chief Executive Officer and Chief Executive Officer, corresponding.

However, the new leaders of GameStop have provided some details on their rotation strategy and have yet to share an outlook.

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