Several stocks favored by the retail investor crowd saw gains earlier this week, but what looked like a promising meme stock rally fizzled out by Thursday.
Classic meme stock names including GameStop Corp GME and AMC Entertainment Holdings Inc AMC were high on trending tickers lists and listed as some of the biggest daily movers.
What Happened: GameStop shares appeared to have kicked off the recent rally on Tuesday, and had gained 40% by Wednesday, only to fall 10% at last check on Thursday.
According to an article from The Business Times, call volume began to dwindle Wednesday afternoon.
“They’re panicking to get out,” said Joe Mazzola, director of trading and education at Charles Schwab. “It shows that a lot of that fire, that enthusiasm, started to get a little exhausted.”
Tupperware Brands Corp TUP shares saw a similar rise on Wednesday, gaining nearly 16% and AMC Entertainment rose nearly 4% in sympathy with the other meme stock names. However, Tupperware shares were down by 6.5% and AMC also gave back all gains and was trading near its 52-week low at last check Thursday.
Carvana Co. CVNA saw a steadier rise throughout November and spiked nearly 14% higher with other meme stocks Wednesday. CVNA appears to be holding its gains and remains up by nearly 15% over the last month.
What Happened To Retail's Diamond Hands? According to an article from Bloomberg, individual investors sold nearly $16 billion worth of stocks in October, more than any other month in the past two years. Retail investors may be concerned about increasing market headwinds and geopolitical conflicts, or they may just be thinking that "stonks" won't always go up.
GME Price Action: According to data from Benzinga Pro, at market close Thursday, shares of GameStop were down more than 10.46% at $14.55, AMC Entertainment were down 7.25% at $6.65, Tupperware were down 9.47% at $1.72 and Carvana were down 2.12% at $31.32.
Read Next: Why Marvell Technology Stock Gained After-Hours
Photo: Yuri from Pixabay
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