On Wednesday, while equity markets experienced a rise following the release of the consumer price index (CPI) report, Gamestop’s stock GME tumbled 34%, and AMC’s shares fell more than 25%. Concurrently, the well-known ‘Roaring Kitty’ continued to share video clips of classic films, albeit with slight modifications.
Gamestop, AMC Shares Plunge as 'Roaring Kitty' Keeps Posting Video Clips and Memes
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Meme Stock Slide: Gamestop, AMC Take Hits
On Wednesday, May 15, 2024, the meme stock fervor waned, as both GME and AMC witnessed notable declines in their stock values. As trading progressed, GME’s shares plunged by over 34%, while AMC’s dropped by more than 25%.
Despite these setbacks, the five-day metrics indicate a more than 100% rise for GME and a 70% increase for AMC. Over the past 30 days, GME has surged by 200% and AMC has climbed over 95% against the U.S. dollar.
Moreover, trading of GME was halted multiple times today. Meanwhile, the X account known as ‘Roaring Kitty’, reportedly managed by Keith Gill, remains quite active, posting GIFs and memes. The significance of these posts is still debated, raising questions about the intentions behind Roaring Kitty’s messages.
The meme stock excitement has heightened activity on platforms like Reddit’s r/wallstreetbets and littered throughout X, where the #silversqueeze hashtag has resurfaced, echoing the 2021 Wall Street Bets and GME episode.
Skepticism about the recent meme stock craze isn’t uncommon. Former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton expressed his disapproval of the trend. Jim Cramer, the host of CNBC’s “Mad Money”, has been vocal about his stance, suggesting that Gamestop, GME, trading at $64 or even $44 is untenable and the prudent action is to “sell, sell, sell.” He also referred to AMC as a “dead man walking.”
The longevity of this trend remains uncertain, and its origins following the 2021 meme stock craze are unusually perplexing. In many ways, the entire scenario appears somewhat contrived and bizarre.
What do you think about GME and AMC’s performance? Do you expect a rebound? Let us know what you think about this subject in the comments section below.
