Second Life? GameStop Spikes 103% As Reddit Stocks Surge Again

Second Life? GameStop Spikes 103% As Reddit Stocks Surge Again

Late in Wednesday’s trading session, several popular stocks for retail traders rocketed higher on seemingly no news.

GameStop: GameStop Corp. GME, the stock that became a rallying cry for retail traders and Reddit's WallStreetBets forum, surged more than 100%.

Late Tuesday, GameStop announced its chief financial officer, Jim Bell, would resign at the end of March. Bloomberg reports he was forced out of his role.

On Wednesday a tweet from Ryan Cohen, a large GameStop shareholder and Board of Directors member, picked up some attention. The tweet included a frog emoji and a picture of an ice cream cone from McDonald’s Corp MCD. Investors are trying to interpret if the tweet could mean investors are in for a sweet treat or they may be “loving it” if they own GameStop shares.

GameStop shares were halted several times in the last half hour of Wednesday’s trading session. Shares closed up 103.9% to $91.71 and were up another 32% in the after-hours session.

Related Link: A Short Seller Joins Benzinga’s Power Hour To Talk GameStop. The Rest Is History

Several other stocks surged in late-day trading:

  • AMC Entertainment: Shares of AMC Entertainment AMC are up 18% to $9.07. The movie theater retail chain got some positive news earlier this week with the state of New York discussing opening movie theaters again.
  • BlackBerry: Shares of BlackBerry BB are up 10% to $11.37. The company has shifted its model from mobile phones to providing software for companies like electric vehicles.
  • Naked Brands: Clothing company Naked Brand Group NAKD has been a favorite trade for retail traders with its low share price and high short interest. Shares are up 33% to $1.36 Wednesday.
  • Sundial: Cannabis company Sundial Growers SNDL is another popular stock for retail investors with a low share price. Shares of Sundial Growers are up 15% to $1.45.
  • Express: Shares of clothing retailer Express Inc EXPR are up 39% to $3.31.
  • Koss: Headphone maker Koss Corp KOSS shares are up 56% to $18.54. The company made headlines recently as it was reported that insiders sold more than $44 million in shares during the Reddit-inspired rally.

Photo via BentleyMall on Wikipedia.

 

See Also: How to buy GameStop GME Stock

Posted In: Redditretail tradersRyan CohenwallstreetbetsNewsPenny StocksSmall CapTop StoriesMoversTrading Ideas