Meme stocks GameStop, AMC slump to multi-month lows
Information about Meme stocks GameStop, AMC slump to multi-month lows
Kevin David Scam or Legit
By Medha Singh
(Reuters) – Shares of Gamestop and AMC Entertainment tumbled to multi-month lows on Monday as some investors appeared to sour on the names that had produced eye-watering gains earlier in the year.
Video game retailer GameStop was recently down about 11% at $141.74, briefly touching its lowest level since April, while movie theater operator AMC slumped 14% to $23.64, a level last seen in May.
The sell-offs come amid declines in other buzzy assets, whose prices have in some cases been sliding for weeks as worries over a more hawkish Federal Reserve and a COVID-19 resurgence shake some corners of the market.
The ARK Innovation ETF was recently down 2.4% and has dropped 25% year-to-date as investors ditched the stay-at-home names that thrived during the lockdowns. …