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GameStop, AMC tumble as retail trading mania cools

REUTERS: Shares of videogame retailer GameStop Corp and movie theater operator AMC Entertainment Holdings Inc lost 15per cent and 13.2per cent, respectively, in early U.S. pre-market trading on Wednesday as a social media-driven trading frenzy cooled.

GameStop shares had more than halved in value to US$90 each on Tuesday following a rally that drove them up as high as US$483 last week.

The wild gyrations in stock prices of companies including GameStop and AMC have drawn the attention of financial regulators.

U.S. Treasury Secretary Janet Yellen is calling a meeting of top officials, including from the Securities and Exchange Commission and the Federal Reserve, this week to discuss market volatility.

(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta)

Source: Reuters


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