Home » GameStop Split Brings a Hint of Meme-Mania to Friday’s Trading
(Bloomberg) — A proposed stock split by GameStop Corp. brought back echoes of peak-meme mania days to trading forums on Friday, with investors snatching up shares in the company and other retail favored-names.
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The video-game retailer jumped as much as 14% in New York before erasing gains to trade close lower Friday after it said it will ask shareholders to approve a plan to increase the number of Class A shares to 1 billion from 300 million. The proposal, if approved, will open up a flood of GameStop shares with lower price tags — a combination highly favored by retail investors, who tend to concentrate bets on lower priced names.
The action on Friday showed the group didn’t waste any time with GameStop being the most bought stock on Fidelity’s platform in the session. Its buy orders were nearly double those for the next most-active company, Advanced Micro Devices Inc. Over 13 million GameStop shares changed hands, more than double the average volume…
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