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GameStop, AMC In Battle For Top Loser Among Meme Stocks

Published 03/16/2021, 12:32 PM
Updated 03/16/2021, 12:34 PM
© Reuters

By Dhirendra Tripathi

Investing.com – Meme stocks were trading sharply lower in Tuesday’s season, and vying for the top loser position were AMC (NYSE:AMC) and GameStop (NYSE:GME), each down 9%.

Headphone maker Koss (NASDAQ:KOSS) shed around 8%.

It was a sharp reversal for AMC, a day after it gained 25% on the announcement of the reopening of its theatres in Los Angeles on Monday and others in California Friday onwards.

Meme stocks have a devoted following that acquired cult status in January when some Reddit followers decided to take on the big hedge funds. That unexpected coming together resulted in a short squeeze and created trouble for the institutional traders.

Latest comments

Just bought 2 cover my second short position and took in some redditors foolish enough to buy GME at ionispheric prices.  50 @ 227 covered at 195.  Week before it was 100 @ 128 covered hair-raisingly at 113.77 on my first Short "Trade". My growth broker threw everything into my path, margin calls, non-medical house calls, Acme anvils, everything!  All trying to scare me into losses and give up.  But steeled with valour I held on.        So far I've cleaned the Redditors for 3,000--my vacation fund.  But I'm leery of taking them to the cleaners a third time, remembering Pushkin's story "The Queen of Spades" wherein the Hero failed on his THIRD card play.  A good one--I reread it every few years!        Besides, anything over 50 is a ridiculous price for GameStop right now.  In a year or two maybe not, but one can afford to wait and there are other fish in the seas.
release stimulate check
LOL top losers? were just pulling back a bit after a BEAUTIFUL 25% run!
Their go the Biden Bucks up in flames. Should have just gave corporations big tax cuts and hoped for more trickle down economics.
Unemployment is better.  But my employer just called and wants me back.  I'd make less money working than collecting unemployment but I'll work to keep unemployment on ice for the future.  Plan to retire in January at the latest.
Taking on hedge funds lol the hedge funds went long weeks ago.
Right now bet the hedge funds are selling into the rally--good supply of Greater Fools.  The hedge fund shorts settled weeks ago.
you still have time to delete this article.
They are not taking on hedge funds, they are simply trying not to be the last one to be scrwed.
They are not taking on hedge funds, they are simply trying not to be the last one to be screwed.
Then they shouldn't be buying at all--and especially at these prices!
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