GME Stock Forecast: GameStop hits seven straight days of gains during mixed session for stocks

NYSE:GME gained 1.13% during Thursday’s trading session.
AMC reports its quarterly earnings and announces a special dividend.
AMTD Digital falls back to Earth as trading volatility continues.

Stocks Reporter FXStreet

NYSE:GME has been on a strong streak to begin the month of August as the lead meme stock hit its seventh straight positive session. On Thursday, shares of GME added a further 1.13% and closed the trading day at $38.36. Stocks were mostly flat on Thursday as investors weighed Wednesday’s rally and the key July jobs report that is being released on Friday. Overall, the Dow Jones slipped lower by 85 basis points, the S&P 500 inched lower by 0.08%, and the NASDAQ posted a 0.41% gain during the session.

Stay up to speed with hot stocks' news!

GameStop’s main running mate, AMC (NYSE:AMC) reported its second quarter earnings after the markets closed. The company reported a wider than expected loss of $121.6 million during the quarter. But the big news from the company is that it announced a special dividend of preferred shares that will trade under the ticker symbol APE. These will be created in a 1 for 1 ratio to common shares and can be converted if the shareholder vote passes. This dividend was not enough to sway AMC Apes though, as the stock was down by nearly 12% in after hours trading at the time of this writing.

Gamestop stock price

The meme stock of the week ATMD Digital (NYSE:HKD) continued to decline on Thursday although the stock made a late-day rally. Shares of HKD were still down by 27% or $300.00 per share during the session. The stock still closed the session at $800.00 per share with a market capitalization of $148 billion.

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.