GameStop soars 32per cent, leads meme stocks higher with Koss, AMC surging too

REUTERS: Shares in GameStop and other so-called meme stocks popular among members of Reddit's WallStreetBets forum jumped on Thursday as investors bought shares whose prices tumbled in the previous session.

Shares in video-game retailer GameStop were last up 32.1per cent at US$159.02 with brisk trading volume, erasing much of the previous session's 33.8per cent decline after the company said it was evaluating the possibility of a share sale.

Volatility has spiked this year in GameStop shares, which have risen from just US$18.84 at the end of 2020 and reached a record high of US$483 in late January before falling sharply and then kicking off another rally in late February.

The company has benefited from a push by retail investors such as Reddit members to drive up prices of heavily shorted stocks.

Investors have also been eyeing efforts by billionaire investor and Chewy Inc co-founder Ryan Cohen, who is on GameStop's board, to transform the retailer into an e-commerce firm that can take on big-box store rivals such as Target Corp and Walmart Inc.

Shares in headphone maker Koss Corp were up 30.5per cent at US$21.44 with volume surpassing twice the 10-day moving average. The stock had fallen almost 22per cent on Wednesday.

Cinema operator AMC Entertainment Holdings Inc were up 15.9per cent at US$10.45 after falling 36per cent in the last four sessions with Disney's announcement on March 23 that it was delaying the release of Marvel Studios film "Black Widow" by two months until July and planning a simultaneous theaters and Disney+ streaming release.

(Reporting By Sinéad Carew; Editing by Alden Bentley and David Gregorio)