- NYSE:GME gained 3.27% during Friday’s trading session.
- GameStop once again underperformed Bed Bath and Beyond as meme stock revival continues.
- Coinbase rebounded on Friday despite a credit rating downgrade.
NYSE:GME saw another volatile week of trading that resulted in the original meme stock posting a losing week. On Friday, shares of GME managed to add 3.27% and closed the trading session at $40.74. Stocks surged on Friday as investors are reacting positively to the CPI report from earlier this week. Slowing inflation in the US economy is being seen as a good thing for the stock market. Overall, the Dow Jones gained 424 basis points, the S&P 500 rose by 1.73%, and the NASDAQ posted a 2.09% gain during the session.
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In a week where meme stocks were once again in the spotlight, GameStop had a surprisingly flat performance. It trailed the current meme stock of choice, Bed Bath and Beyond (NASDAQ:BBBY) which saw another massive gain of 21.83% on Friday. AMC (NYSE:AMC) put up a loss on Friday, showing that this current squeeze is not necessarily a sector-wide one. Shares of Bed Bath and Beyond are up a staggering 150% over the past month of trading compared to just 15% from GameStop.
GameStop stock price
GameStop’s NFT rival Coinbase (NASDAQ:COIN) saw its stock bounce back on Friday after a near 11% loss the day before. Coinbase trading has been volatile as of late following a disappointing earnings report and the announcement of another SEC investigation. Coinbase also received a downgrade to its credit rating from S&P Global, which cited Coinbase’s weak second quarter performance as the primary motivating factor. Shares of COIN were up 7.73% during Friday’s session.
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