Tell him revenge on meme stocks.
After taking a beating in the first three days of the week, GameStop Corp. shares. GME,
grew on Thursday, helped by retailers, who remain emotionally dedicated to the video game retailer even after the shares were hit 24 hours earlier.
Meanwhile, the shares of AMC Entertainment Holdings AMC,
another popular stock among social media retailers such as Reddit and Discord also appeared in the session.
AMC closed more than 21% on Thursday, while GameStop rose nearly 53%, more than offset Wednesday’s 40.5% loss, which was the worst day in seven weeks after disappointing results. quarterly reports after the close of the regular trading hours on Tuesday.
“WE ARE ALL WITNESSES” a Reddit r / WallStreetBets user posted Thursday after the bell, summing up the sentiment of the GameStop bulls on the site who had encouraged each other to “buy the dive” presented by the company’s poor earnings report, and stick it to the hedge funds that many Reddit and Discord users still perceive as existential threats to unrestricted earnings.
The GameStop purchase campaign seems to have worked. Fidelity data shows that the stock was the most active traded by retail customers on Thursday, with a buy-sell ratio of almost 3 to 1.
GameStop fans got an extra boost until the last hour of trading, when Ryan Cohen, the founder of Chewy and a member of the Board of Directors of GameStop, launched a cryptic tweet that his followers optimistically interpreted.
Cohen’s message – his first in more than two weeks – was a clip from “Ted,” Seth MacFarlane’s cruel live-action comedy about the childhood connection between an icy teddy bear, a weed smoker, and his friend his human John, played by Mark Wahlberg.
“More and more above!” one of Cohen’s followers responded on Twitter.
AMC, which was the fifth most popular stock on Thursday, according to Fidelity, with buyers exceeding the number of sellers, also benefited from social media campaigns aimed at overturning speculative funds that did not have the stock.
The message boards spread rumors that did not confirm that major investment funds and market makers were strongly betting that AMC’s shares would eventually decline in value.
However, little has been said about the fact that Walt Disney Co. DIS,
announced Tuesday that it will debut two of its summer blockbusters “Black Widow” and “Cruella” simultaneously in theaters and streaming on Disney +, which would theoretically give a bona fide success to movie chains, including AMC , at least in the short term.
These theories of comparison and the potential loss of business from major producers were abandoned on Thursday.
“It simply came to our notice then. He did everything back today “, posted a Redditor. “I would rather have this than two boring days. I like this thing **.
Eventually, the typical Reddit crowd buy-and-go strategy came back to fruition – at least in the short term.
However, for the week, GameStop shares are down 8.3%, and AMC Entertainment shares are down more than 21%.