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Reuters
GameStop’s surprise profit triggers short squeeze, meme stocks rally
(Reuters) -Meme stock GameStop Corp surged nearly 41% on Wednesday as the video game retailer’s first profitable quarter in two years squeezed bearish investors and sparked off a rally in other stocks popular among retail traders. GameStop, AMC Entertainment Holdings Inc and several other names were at the heart of a meme-stock frenzy in 2021, which was driven by small investors coordinating on social media. “Crypto, meme stocks, IPOs, SPACs and other, speculative assets all peaked a long time ago and the easy-money frenzy of 2020-21 now looks like an aberration on price charts, not the start of a brave new world,” said AJ Bell Investment Director Russ Mould.
