Why GameStop and AMC Are Rising Today
Meme stocks are running higher this morning, even as the market falls. Shares of GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) were rising 5% and 2.8%, respectively, while the movie theater operator's preferred shares AMC Preferred Equity (NYSE: APE) went from an early gain to a 1% loss as of 10:34 a.m. ET on Monday.
There was no news to account for the initial jump -- GameStop soared out of the gate, and market circuit breakers kicked in to temporarily halt trading on the stock -- but the shares then began to lose steam. In contrast, the S&P 500 was down 1%.
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Source Fool.com
