Meme Stocks Latest: GameStop, AMC Slide Premarket -- WSJ

Dow Jones05-16

By Caitlin McCabe

GameStop and AMC Entertainment are falling back to earth.

The meme-stock darlings slid more than 10% apiece ahead of Thursday's opening bell, setting them up for another day of volatile trading.

Both stocks roared back to life this week, with each more than doubling by Tuesdays close. Both then fell on Wednesday, with GameStop $(GME)$ losing 19% and AMC $(AMC)$ sliding 20%.

The saga is reminiscent of January 2021, when individual investors kicked off the meme-stock phenomenon by sending both stocks surging. Both stocks eventually retreated, albeit with periodic rallies along the way.

Data from London-based Vanda Research show that individual investors have piled into GameStop this week, though at more subdued levels than in early 2021. Daily net purchases topped $15 million on both Monday and Tuesday. Take a look here:

And for a deep dive into whether the U.S. financial industry can handle another meme-stock craze, read more below:

The GameStop Mania Is Back. Is Wall Street Ready This Time?Problems in the plumbing of the financial system were costly for investors in 2021, and a planned upgrade still isnt complete.Read the full article

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

May 16, 2024 06:42 ET (10:42 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Both then fell on Wednesday, with GameStop <a href=\"https://laohu8.com/S/GME\">$(GME)$</a> losing 19% and AMC <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> sliding 20%. \n</p>\n<p>\n     The saga is reminiscent of January 2021, when individual investors kicked off the meme-stock phenomenon by sending both stocks surging. Both stocks eventually retreated, albeit with periodic rallies along the way. \n</p>\n<p>\n     Data from London-based Vanda Research show that individual investors have piled into GameStop this week, though at more subdued levels than in early 2021. Daily net purchases topped $15 million on both Monday and Tuesday. Take a look here: \n</p>\n<p>\n     And for a deep dive into whether the U.S. financial industry can handle another meme-stock craze, read more below: \n</p>\n<p>\n     The GameStop Mania Is Back. Is Wall Street Ready This Time?Problems in the plumbing of the financial system were costly for investors in 2021, and a planned upgrade still isnt complete.Read the full article \n</p>\n<p>\n     This item is part of a Wall Street Journal live coverage event. 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