Shares of so-called stonks, or stocks popular with retail investors, are mostly seeing gains in the early pre-market session on Friday after the blistering rally fizzled a bit on Thursday. ContextLogic Inc. (NASDAQ: WISH) shares are up 2.6% in the pre-market hours after closing 0.9% higher on Thursday at $10.69. The e-commerce company continues to be one of the most-discussed stocks on Reddit’s r/WallStreetBets forum. Cleveland-Cliffs Inc..
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GameStop Corp., one of the popular “meme” companies whose stock has soared this year, said U.S. securities regulators are looking into the trading of its shares.
The video-game retailer said Wednesday that staffers from the Securities and Exchange Commission contacted the company on May 26, for voluntary production of documents and information related to the stock.
“We are in the process of reviewing the request and producing the requested documents and intend to cooperate fully with the SEC staff regarding this matter,” the company said in a quarterly filing. “This inquiry is not expected to adversely impact us.”
Since February, securities regulators have been combing social media and message-board posts for signs that fraud played a role in dizzying stock swings for GameStop, AMC Entertainment Holdings Inc. and other companies, people familiar with the matter said at the time.