Shares of GameStop Corp. (GME) have seesawed back to a loss Monday, as they slumped 6.4% in midday trading, with a sharp drop in trading volume suggesting investor interest in the may be waning. The stock opened down 5.9% at $60.00, then shot up to be up as much as 13.9% to an intraday high of $72.66 before falling back down. Trading volume was just 17.4 million shares a little after midday, compared with the full-day average of about 53.2 million over the past 30 days. The drop in price and volume comes after the stock plunged 80.4% last week ( ), the biggest weekly drop in the stock's public history. Total volume during last week's decline was 302.04 million shares, compared with volume of 559.24 million shares as the stock rocketed 399.9% the week before. Meanwhile, the other stock caught up in the trading frenzy surrounding highly shorted companies, AMC Entertainment Holdings Inc. (AMC) tumbled 12.3% midday Monday, after dropping 48.5% last week. AMC shares remained fairly active; with 95.6 million shares traded, they were the most active on the NYSE, even as volume was less than half the full-day average over the past 30 days of about 208.1 million shares. The declines in GameStop and AMC stocks come on a day that the S&P 500 rose 0.4% toward a record close.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 08, 2021 12:19 ET (17:19 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.