GME Stock Forecast: GameStop jumps alongside AMC’s post-earnings squeeze

NYSE:GME gained 4.33% during Friday’s trading session.
AMC surges after a disappointing earnings report for the quarter.
AMTD Digital extends declines but stills holds a massive stock price.

Stocks Reporter FXStreet

NYSE:GME saw its stock extend its recent gains to eight straight sessions on the back of some strong trading from another meme stock. On Friday, shares of GME added a further 4.33% and closed the trading week at $40.02. Stocks were mixed on Friday following the release of the July jobs report that came in well above expectations. The report hints that the US economy is not in a recession but investors weighed the chances that the Fed will take an even stricter policy with raising rates in September. Overall the Dow Jones added 76 basis points, the S&P 500 fell by 0.16%, and the NASDAQ dropped lower by 0.50% during the session.

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GameStop’s gains were in sympathy to its meme stock partner in crime, AMC (NYSE:AMC). The movie theater chain surged by 18.86% just one day after a disappointing earnings report for the second quarter. Could this be the squeeze that CEO Adam Aron warned short sellers would come after the earnings call? Or is it just excitement over the issuance of preferred shares under the new ticker symbol APE? Whichever it is, AMC just had its single best day of trading in months.

Gamestop stock price

AMTD Digital (NYSE:HKD) , the latest meme stock to make astronomical gains, continued its downward descent back to Earth. On Friday, shares of the Hong Kong based fintech company fell a further 6.25% and closed the week at $750.00. While the stock has trimmed most of its gains, shares are still trading at well inflated prices, and the company still has a market capitalization of nearly $140 billion.

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Stocks Reporter

FXStreet

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