By Wallace Witkowski
Both stocks blow past 10-day average daily volumes in less than 30 minutes
GameStop Corp. and AMC Entertainment Inc. shares picked back up where they left Wednesday and shot out of the gate at the beginning of Thursday trading.
GameStop (GME) shares popped as much as 85% at the opening and were last up around 41% at $129.05 following early morning halts in trading. Meanwhile, AMC (AMC) shares surged up to 21% at the open, and were last up 9% at $9.89.
At less than 30 minutes of trading Thursday, both stocks had moved at a volume that far exceeded their 10-day and 52-week daily averages, according to FactSet data. Just before 10 a.m. Eastern time, more than 130 million shares of GameStop had traded hands, while more than 25 million shares of AMC had been exchanged.
In the final hours of trading Wednesday (), GameStop and AMC shares surged with GameStop more than doubling after being halted several times for volatility and AMC finished up 18%.
In the absence of tangible triggers or news, the moves were attributed to activity on Reddit's WallStreetBets forum (). Year-to-date, AMC shares are up more than 350%, while GameStop shares are up more than 530%, after investors on that forum sought to create a short squeeze in both stocks in January.
The unusual moves led to a congressional committee hearing last week () at which executives from Reddit, the trading app Robinhood, Citadel and Melvin Capital answered questions, alongside individual investor Keith Gill -- aka 'Roaring Kitty.'
The Dow Jones Industrial Average was down 0.3% and the S&P 500 was down 0.5%
In case you missed it: It isn't just GameStop: Here are some of the other heavily shorted stocks shooting higher ()
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 25, 2021 10:13 ET (15:13 GMT)
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