GME Stock News: GameStop Corp solidifies gains, prone to profit-taking ahead of the long weekendNEWS |
5/28/2021 2:11:00 PM GMT | By Stocks Reporter
NYSE: GME advances beyond $250 amid a better market mood.
Stocks rallied as US President Joe Biden is said to announce a $ 6 trillion budget.
GameStop was joined by AMC and other meme stocks as the hunt for the MOASS continues.
Update May 28: GameStop Corp (NYSE: GME) is slowing down but not stopping – shares are up another 1% or so in early trading on Friday – albeit far behind AMC s meteoric rise, the No. 1 Reddit stock is holding onto its gains. It is essential to remember that earlier in May, shares changed hands below $150. It is worth noting that the upcoming Memorial Day weekend is a long one, and that would imply last-minute profit-taking. Nevertheless, demand seems ample early in the session.
/PRNewswire/ Judge Cecilia Altonaga of the United States District Court for the Southern District of Florida named the Joseph Saveri Law Firm as co-lead.
Image source: AMC Entertainment.
So what
AMC shares had rallied over the last week after the company closed a $428 million at-the-market offering last Thursday, gaining as much as 42% over the four-day period and reaching its highest point since the initial meme-stock rally back in January.
Today, however, the trend in the stock reversed itself as a sell-off in cryptocurrency which seemed to start when
Tesla CEO Elon Musk s said his company would stop accepting
Bitcoin accelerated today and spread to meme stocks.
Notably, the sell-off in AMC shares came as the U.S. economy is rapidly reopening, a bullish sign for the performance of the business. In fact, today New York, New Jersey, and Connecticut ended most COVID-19 restrictions, an important step in allowing movie theaters to return to full capacity in AMC s biggest market.
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May 19, 2021
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