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GameStop leads meme stocks lower, on track for sharp weekly drop

· 03/16/2021 10:31
GameStop leads meme stocks lower, on track for sharp weekly drop

- Shares of GameStop Corp GME.N slid further in early trade on Tuesday, continuing a slump that has seen the videogame retailer's stock shed a third of its value so far this week.

The company's shares were down 16.4% at $184, on track for their worst weekly performance since early February, with a drop of more than 30% since Friday's close.

Other so-called meme stocks, popular with online retail traders, declined early in Tuesday's session, with cinema operator AMC Entertainment Holdings Inc AMC.N down 8.6%, while headphones maker Koss Corp KOSS.O fell 7.1%.

GameStop continues to retain a legion of devout followers after a social media frenzy in January triggered a massive rally in which its shares surged more than 1,600%, in a short squeeze that shook hedge funds such as Melvin Capital. nL1N2L83CQ


(Reporting by Aaron Saldanha in Bengaluru; Editing by Shounak Dasgupta)

((Aaron.Saldanha@thomsonreuters.com; +91 80 6749 1130; Reuters Messaging: Aaron.Saldanha@thomsonreuters.com@reuters.net))