GME Stock Price: GameStop shares rally off poor Thursday open

NYSE:GME gained 7.52% during Wednesday’s trading session.
GameStop’s NFT marketplace could involve a partnership with Microsoft.
The SEC is continuing to avoid future social media squeeze by shortening settlement times.

Stocks Reporter FXStreet

UPDATE: GME shares rallied off a poor open in Thursday's New York session. Opening more than 5% lower at $117.95, shares climbed to a positive 2% gain at $127 about 30 minutes into the session. The opening was hurt by the highest CPI reading in about four decades with the NASDAQ and other indices trading much lower.

NYSE:GME and other meme stocks seem to be catching fire again, but this time it is for legitimate business transformations. On Wednesday, shares of GME added a further 7.52% and closed the trading session at $124.29. GameStop’s partner in crime, AMC (NYSE:AMC), also surged on news that the company is hiring a new Vice President of Growth Strategy from Frito Lay. Both stocks have been surging this week, and it has nothing to do with a Reddit short squeeze. The broader markets also continued to climb as all three major indices closed in the green for the second straight day. The US markets were led by the NASDAQ which gained a further 2.08% as tech stocks continued to recover from their January sell off.

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Last week GameStop announced a partnership with the blockchain company Immutable X to create its long-awaited NFT Marketplace. Further rumors have now surfaced that an even bigger player could be involved. These rumors have stemmed from Twitter comments and reactions from Microsoft’s (NASDAQ:MSFT) blockchain team core member York Rhodes. Given Microsoft’s shift towards focussing on AR/VR and the Metaverse, there could be some legitimate substance to these rumors.

GME stock news

It’s been more than a year since the original Reddit short squeeze and there are still implications that are affecting the financial world. On Wednesday, SEC Chairman Gary Gensler continued to add new regulations, this time by limiting the shortening settlement times and wants more disclosure from hedge funds and private equity funds. Gensler’s term is already becoming one of major changes for the SEC, as the agency attempts to avoid further social media led events in the future.

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Stocks Reporter

FXStreet

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