Gamestop – GameStop, AMC tumble as retail trading mania cools
(Reuters) – Shares of videogame retailer GameStop Corp and movie theater operator AMC Entertainment Holdings Inc lost 15% and 13.2%, respectively, in early U.S. pre-market trading on Wednesday as a social media-driven trading frenzy cooled.
GameStop shares had more than halved in value to $90 each on Tuesday following a rally that drove them up as high as $483 last week.
The wild gyrations in stock prices of companies including GameStop and AMC have drawn the attention of financial regulators.
U.S. Treasury Secretary Janet Yellen is calling a meeting of top officials, including from the Securities and Exchange Commission and the Federal Reserve, this week to discuss market volatility.
Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta