Video game retailer GameStop rides meme-stockrevival for longest rally since 2010 | Tech News

Video game retailer GameStop rides meme-stock revival for longest rally since 2010

GameStop Corp. rose for a 10th consecutive session Monday, giving the stock its longest winning streak since April 2010.

By:BLOOMBERG
| Updated on: Mar 29 2022, 16:13 IST
GameStop
GameStop, the world's largest video game retailer. has seen its stocks continuously rise, spurring a revival in meme stocks. (REUTERS)

GameStop Corp. rose for a 10th consecutive session Monday, giving the stock its longest winning streak since April 2010. The Grapevine, Texas-based video game retailer has surged a staggering 143% during this run, as Wall Street pros and individual investors pile into riskier pockets of the market, spurring a revival in so-called meme stocks. GameStop closed at the highest in roughly four months, while another retail trading favorite, movie theater chain AMC Entertainment Holdings Inc., soared 45% for its best day since June.

The latest rally for the duo pales in comparison to the madness that shook Wall Street last year, but it's a signal that investors aren't done with meme stocks just yet. AMC Entertainment shares are up nearly 1,300% from where they ended 2020, while GameStop has gained more than 900% over that stretch.

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Both of the companies were among the most actively traded stocks on Fidelity's platform on Monday, trailing only Tesla Inc. Options betting on further strength was notable for both stocks.

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Beyond GameStop and AMC, a basket of 37 meme stocks tracked by Bloomberg climbed 11% on Monday, adding to a now 46% gain from a March 14 bottom. Despite the latest rebound, the group remains down 18% from where it traded a year ago.

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First Published Date: 29 Mar, 16:13 IST
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