Shares of GameStop GME and AMC Entertainment AMC rocketed upward Tuesday, helping to create a draft for related names like Bed Bath & Beyond BBBY and Hycroft Mining Holding Corp. HYMC, with new and old meme names apparently benefiting from bullishness by retail investors on Reddit.Shares of GameStop GME and AMC Entertainment AMC rocketed upward Tuesday, helping to create a draft for related names like Bed Bath & Beyond BBBY and Hycroft Mining Holding Corp.
Thump4 used a chart of the stock’s implied volatility and some options projections on contracts that suggested a calls-to-puts ratio of almost 2 to 1 into 2024. The post also purported to show that GameStop’s price had already double-bottomed in 2022. Slightly under 14 million shares of the videogame retailer also traded on the day, or more than four times its daily average volume. The last time trading in GameStop shares was this frantic was August 2021, according to Dow Jones data.
As it often does, the pump on GameStop led to price swelling on AMC shares, which closed up 15.1% on the day, after CEO Adam Aron spent the twilight hours ahead of the session tweeting insults at haters of his recent investment in Hycroft Mining, a Northern Nevada gold and silver mining company. Regardless of whether the tweets had readers picturing Aron in a powdered wig eating tiny pastries or not, Hycroft shares traded up almost 5.7% on the day on action that was almost three times its daily volume.
And speaking of connected, GameStop’s 30% move also seems to have impacted Bed Bath & Beyond shares, which climbed as high as almost 5% before closing up roughly 2.3% on the day, on less than average volume.
It's up another 16% after hours.
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