Stock Markets (Mar 09, 2021 06:40AM ET)
© Reuters. FILE PHOTO: The GameStop store sign is seen at its shop in Westminster
(Reuters) – Shares of GameStop (NYSE:GME) jumped for the fifth day running on Tuesday, as news on the video retailer’s e-commerce strategy and speculation that small investors will pour stimulus checks into markets showed signs of reheating January’s “meme” stocks boom.
GameStop shares were up 15.1% to $223.70 premarket, a day after the company tasked Chewy (NYSE:CHWY) co-founder Ryan Cohen — a major GameStop shareholder and board member — with spearheading the company’s online sales efforts.
The latest rally follows wild gyrations in the share price since January, when it was at the heart of a social media-driven surge in a number of stocks that squeezed some hedge fund investors.
Shares in the company are still far below January peaks of more than $480 a share but the recovery may reduce losses for more of the investors who lost money on the stock’s subsequent collapse.
In Frankfurt, GameStop was trading about 24% higher and were the second-most traded stock on trading platform Lang & Swartz after Siemens AG (OTC:SIEGY).
As of its last close, investors in GameStop’s U.S.-listed stock have seen the value of their holdings surge more than 10 times compared to the start of the year.GameStop up for fifth day as meme stocks recover Add a Comment