The videogames retailer closed down 39% on Friday, its worst day since Feb. 4, 2021
Retail traders' favorite meme stock, GameStop (GME), is likely to remain in the spotlight on Monday after a wild finish to trading last week spurred by social media posts and unexpected news announcements.
Despite the short-term bearish sentiment surrounding GameStop (NYSE: GME) stock, it continues to capture the market's attention, driven by recent short-squeeze activity.
Retail investor interest in short squeeze stocks has grown considerably since the “meme stock” phenomenon of 2021. However, a stock doesn't need to gain the “meme king” popularity of a GameStop (NYSE: GME ) or an AMC Entertainment (NYSE: AMC ) to become a profitable squeeze trade for investors.
On Friday morning, GameStop unexpectedly reported its first-quarter earnings. The report, which had been scheduled for June 11, revealed sales dropped 28% to $881.8 million from $1.24 billion in the same period last year.
GameStop shares plummeted 40% on Friday after YouTuber Keith Gill, aka "Roaring Kitty," livestreamed to 600,000 people and shared why he is bullish on the meme stock.
The meme-mania is back for now, with several favorites from 2021 moving higher over the last several days.
Here are some of the major companies whose stocks moved on the week's news.
More than 650,000 people tuned in to hear ‘Roaring Kitty' talk GameStop.
While the main indexes made modest moves after this morning's hotter-than-expected payrolls data, GameStop took a notable dive.
After three years of silence, Keith Gill resurfaced in a bizarre livestream while GameStop shares tumbled 40%
Roaring Kitty's much-anticipated livestream has officially concluded. The YouTuber, whose real name is Keith Gill, showed up 25 minutes late and donned an arm splint and head bandage, a comedic nod to inform viewers that he is alive and well and that his previous updates on X and Reddit were in fact attributable to him.