Another day of stock rally at the eye watering rates include AMC Entertainment Holding, Blackberry and headphone maker Koss Corp. After GameStop’s ($GME) insane-o moves last week, it’s been all over the place to start off this week. From +31.61% last Friday, GME opened today lower by -8.99% and lost as much as -16.49%. As of 1600 EST, it’s recovered nearly all of the losses and is only down -0.97% from Friday’s close. Spirit Airlines ($SAVE) stock plummeted nearly 10% following the air carrier's disappointing quarterly loss and weak guidance. SAVE identified challenges, including bad weather and air traffic control delays. Revenue was slightly up to $1.47 billion, but the adjusted operating loss forecasted was significantly below expectations.
Remember the meme stock mania of late 2020? GameStop was at the heart of it all, thanks to Ryan Cohen, the co-founder of Chewy, who had big plans to turn the struggling company around.
The buzz started on online forums like Reddit, where Cohen’s vision for GameStop attracted a legion of supporters. This enthusiasm sent GameStop’s stock soaring to an incredible $81.25 per share, up from a mere $14.
But things didn’t go as planned. According to The Wall Street Journal, many executives hired by Cohen either quit or were fired. By last month, GameStop's stock had plummeted back to just $11.
However, on Monday, one of the original meme-stock champions, known as Roaring Kitty (real name Keith Gill), stirred the pot again by posting a meme hinting at a return to action. Gill, famously portrayed by Paul Dano in the movie "Dumb Money" about the meme-stock phenomenon, wasn’t just in it for the money. He was also on a mission to take on traders betting against GameStop and other stocks.
Get ready, because the meme stock frenzy might just be gearing up for another wild ride!
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