GameStop, AMC, and Other Meme Stocks Fall Amid Volatility. -- Barrons.com

Dow Jones05-22

By Brian Swint

Meme stocks were extending declines early Tuesday after seeing big jumps at the start of the week.

Faraday Future Intelligent Electric, an electric- vehicle maker, fell 7.9% in premarket trading on the back of a 23% decline Tuesday. On Monday, it had surged 75%, from around $1 to as high as $2.25. It closed at $1.30 on Tuesday.

GameStop, the videogame retailer, slipped 2.9% in the premarket after a 4.4% retreat Tuesday. AMC, the cinema chain, fell 0.7 % after a 3.7% decline.

The stocks, which are called meme stocks because their prices have been driven by social media hype and retail investors, came back into fashion last week after a three year hiatus. While the shares are falling now, the swings in prices may be calming down, with the levels still higher than they were just a few weeks ago.

But it's probably too early to say that the action is settling down now. More posts from social media users such as Roaring Kitty, who kicked off the rally last week, or news that the companies may issue new shares at the higher prices could create new turbulence.

Smaller meme stocks were also falling Wednesday. Crown Electrokinetics, which makes technology for smart glass, fell 25%. Pineapple Energy, which makes solar energy devices, declined 5.6%.

Write to Brian Swint at brian.swint@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

May 22, 2024 05:11 ET (09:11 GMT)

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

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