GameStop and AMC shares fell as the meme stock trading frenzy showed signs of fizzling early on its third day.
The brick-and-mortar video game retailer fell 13% in premarket trading, while the movie theatre chain dropped 12%. Before Wednesday, GameStop and AMC were up 179% and 135% this week, respectively.The sell-off in AMC shares came after the firm announced a debt-for-equity swap. AMC will issue 23.3 million shares in a debt-for-equity exchange for $163.9 million of bonds that mature in 2026.
The two meme stars both experienced jaw-dropping rallies and explosion in trading volumes at the start of the week, but this time retail interest seems to be much smaller and short lived. In terms ofFor example, GameStop and AMC saw more than $15.8 million and $37.5 million, respectively, in net retail trader inflows on Monday, data from Vanda Research shows. But that is dwarfed by peak daily inflows of about $87.
The return of the meme stock phenomenon brought GameStop and AMC shares up over 70% on Monday, with the stock extending gains into Tuesday.
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