Business

GameStop, AMC both spike before paring gains

Shares in Reddit-darling GameStop climbed to a session high of US$147.87 as volume spiked on Thursday afternoon and the video game retailer's stock was last up 4.5per cent after paring some gains.

FILE PHOTO: GameStop logo is seen near displayed stock graph in this illustration
FILE PHOTO: GameStop logo is seen near displayed stock graph in this illustration taken February 2, 2021. REUTERS/Dado Ruvic/Illustration
(Updated: )

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REUTERS: Shares in Reddit-darling GameStop climbed to a session high of US$147.87 as volume spiked on Thursday afternoon and the video game retailer's stock was last up 4.5per cent after paring some gains.

Stock last traded at US$129.80 after hitting its highest point since a surge in the heavily shorted stock on Feb. 25, which was among the company's four biggest trading volume days ever. Trading volume was last at 0.5 times GameStop's 10-day moving average.

Meanwhile AMC Entertainment, another focus for Reddit investing forum Wallstreetbets, also saw a spike in trading around the same time, but after rising as high as US$8.56 it quickly sunk back to negative territory and was last down 7.6per cent.

(This story corrects paragraph 2 to show that Feb. 25 was one of GameStop's biggest trading days ever, not the biggest)

(Reporting By Sinéad Carew, Editing by Franklin Paul)

Source: Reuters