UPDATE 1-GameStop, other "meme stocks" soar as markets eye stimulus boost

Reuters2021-03-10

(Recasts and rewrites throughout, updates prices, adds context)

March 10 (Reuters) - Shares of GameStop surged in early deals on Wednesday, putting the videogame retailer on track for its longest streak of daily gains in six months, while many other "meme stocks" posted double-digit gains.

Market strategists have said tens of billions of dollars of U.S. President Joe Biden's coronavirus relief package could indirectly find their way into shares, possibly boosting "meme stocks" that are heavily promoted by retail traders in online social media forums.

GameStop was trading 14.5% higher at $282.73 before the bell, on course for a sixth straight session of gains, while shares of cinema operator AMC Entertainment rose 10% and headphones maker Koss Corp soared about 40%.

Germany-listed shares of GameStop jumped over 20%, with data from brokerage Lang & Schwarz showing the scrip to be the third-most traded stock by turnover on its platform.

GameStop retains a legion of devout followers after a social media frenzy in January triggered a massive rally in which its shares surged more than 1,600%.

That spike triggered a short squeeze that shook hedge funds such as Melvin Capital, which were forced to cover their positions on GameStop.

(Reporting by Aaron Saldanha in Bengaluru; Editing by Anirban Sen and Sriraj Kalluvila)

((Aaron.Saldanha@thomsonreuters.com; +91 80 6749 1130; Reuters Messaging: Aaron.Saldanha@thomsonreuters.com@reuters.net))

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