GME Stock Forecast: GameStop jumps higher following Bed Bath and Beyond squeeze

NYSE:GME gained 6.33% during Tuesday’s trading session.
Bed Bath and Beyond and other meme stocks surged higher yet again.
Retail earnings came in better than expected, offering hope for the US economy.

Stocks Reporter FXStreet

NYSE:GME soared higher on Tuesday as the original meme stock finally gained some traction in the recent short squeeze mania. Shares of GME jumped by 6.33% and closed the trading session at a price of $42.19. Stocks were flat on Tuesday, as stronger than expected retail earnings led the Dow Jones to its fifth consecutive positive day. Overall, the Dow Jones rose by 239 basis points, the S&P 500 gained 0.19%, and the NASDAQ dropped lower by 0.19% during the session.

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Despite GameStop’s moderate gain, the headlines were once again dominated by struggling home furnishing company Bed Bath and Beyond (NASDAQ:BBBY). The stock soared higher by more than 70% at one point during intraday trading, although the stock did deflate by the closing bell. Shares of BBBY closed the day higher by 29%, extending its weekly gains to nearly 100%, and its monthly gains to over 315%. Other meme stocks on the rise included AMC (NYSE:AMC) and FuboTV (NYSE:FUBO) which posted a massive 45% gain and hitting an intraday high price of $8.14.

GameStop stock price

Despite an earlier warning from WalMart, earnings for both Big Blue and Big Orange came in better than expected on Tuesday. Both companies provided optimistic outlook for the next quarter and the rest of 2022. Strong retail earnings could be a sign that the US economy is slowly starting to see a recovery. While most of the sector still needs to report with Target (NYSE:TGT) and Lowe’s (NYSE:LOW) on Wednesday, the initial signs from the sector are promising.

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Stocks Reporter

FXStreet

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