- NYSE:GME gained 8.57% during Monday’s trading session.
- Bed Bath and Beyond soars by 39.8% as social media chatter erupts.
- AMC’s CEO called for a meme stock short squeeze following the company’s earnings last week.
NYSE:GME is truly on a roll right now as the original meme stock kicked the week off with its ninth consecutive positive session. On Monday, shares of GME jumped by a further 8.57% and closed the trading day at $43.45. Stocks were out to a fine start on Monday but renewed lower guidance and a warning about declining revenues from NVDIA (NASDAQ:NVDA) sent the NASDAQ and S&P 500 below water. Overall, the Dow Jones added a modest gain of 29 basis points, while the S&P 500 and the NASDAQ dipped by 0.12% and 0.10% respectively during the session.
Meme stock investors were back at it on Monday as they sent GameStop, AMC (NYSE:AMC), and Bed Bath and Beyond (NASDAQ:BBBY) surging higher. Bed Bath and Beyond was the biggest winner with a 39.8% rise during the session. There weren't really any catalysts for BBBY, other than a high short interest and social media chatter. As we now know, this has proven to be enough to send even the unlikeliest stock candidate to a squeeze on any given day.
Gamestop stock price
There hasn’t been anything that explains this recent resurgence from meme stocks, other than a warning from AMC CEO Adam Aron last week. The Silverback warned short sellers of a short squeeze following the company’s earnings last Thursday. Did Aron know something? Or is a squeeze announcement from AMC’s CEO a self-fulfilling prophecy these days? It will be interesting to see how long this meme stock rally will last.
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