Videogame retailer GameStop on Wednesday named the head of Amazon.com Inc's Australian business as its chief executive officer and said it may sell new shares after it reported quarterly results that were stronger than analysts expected. GameStop's shares were trading at around $281 premarket after closing Wednesday at $302.56, near levels hit in January when a Reddit-driven frenzy sent its stock up 1,600%. "This latest chapter of the meme stock mania seems very much to be the typical pump and dump trade," said Edward Moya, a senior market analyst at OANDA, identifying e-commerce company ContextLogic Inc and Clean Energy Fuels Corp as the new targets of retail traders.
Shares of GameStop Corp (GME.N) fell 7% and Clover Health Investments Corp (CLOV.O) jumped 6.4% in early deals on Thursday, setting the stage for another roller coaster session for stocks favored by small-time investors on social media platforms.