Gamestop (GME) Stock Price and Forecast: Halted due to volatility, plummets to start the week

  • NYSE:GME drops by 16.77% even as broader markets start the week strong. 
  • GameStop 2.0 is gaining more steam with investors as Ryan Cohen takes the reins. 
  • Another meme stock surges on news of locations reopening around the country.

NYSE:GME investors did not have the start to the week that they were anticipating after mostly positive movement over the past three weeks. On Monday, the first trading day after the recent $1.9 trillion stimulus package began to make its way to investors, GameStop plunged by 16.77% to close the trading session at $220.14. Shares were momentarily halted at one point due to a massive spike in volatility that caused GameStop to fall by nearly 20% within a few minutes. It is definitely not the first time that GameStop has been halted due to trading volatility, but it is interesting to note that Monday’s drop came with half of its normal average trading volume. 

Stay up to speed with hot stocks' news!

Now former Chewy(NYSE:CHWY) founder Ryan Cohen is heading a special task force to rebuild GameStop into an eCommerce platform to take on the likes of Amazon (NASDAQ:AMZN). While this is obviously a daunting task and at this point seems a little far fetched, there is definitely positive investor sentiment surrounding the news. GameStop will eventually need to remove the ‘meme stock label’ before being taken seriously as a viable eCommerce business once again.

Gamestop Stock news

Another meme stock, AMC (NYSE:AMC) headed in the opposite direction from GameStop on Monday as reopening orders in the state of California means that all 53 locations may be open by the end of the week. AMC’s stock surged by over 26% on Monday to close the day at $14.04, it’s highest price since the short squeeze event in late January.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD remains depressed below 1.1850 after the Fed's taper talk

EUR/USD is trading under 1.1850, hit by hawkish comments by the Fed's Clarida and Daly. The bank is nearing tapering its bond-buying scheme, a move that could happen this year. US jobless claims and a speech from the Fed's Waller are eyed.


GBP/USD flirts with 1.3900 ahead of the BOE's Super Thursday

GBP/USD is licking its wounds around 1.3900 ahead of the BOE’s Super Thursday rate decision in which it also releases new forecasts. Declining covid cases are supporting sterling while hawkish comments from the Fed's Clarida are boosting the dollar.


XAU/USD off highs, steady around $1810 ahead of BOE, US data

Gold price is trading almost unchanged on the day, unable to hold at higher levels, despite the latest pullback in the US dollar across the board. The cautious tone across the European markets fuelled the risk-off flows in the US Treasuries, downing the yields alongside the dollar.

Gold News

75% of Ethereum nodes prepared for London hard fork as ETH price surges above $2,700

Around 75% of Etheruem nodes are prepared for the London hard fork. The highly anticipated upgrade is expected to occur on block 12,965,000 scheduled for August 5, following a slight delay. Ethereum price managed to slice above $2,700 for the first time since early June. 

Read more

Bank of England Preview: Five reasons the doves are set to win Super Thursday

An epic battle between hawks and doves on Super Thursday? That is a dramatic way to view the Bank of England's upcoming rate decision – yet there are good reasons to expect doves to carry the day. That would send sterling down. 

Read more