A GameStop store in New York.
Scott Mlyn | CNBC
GameStop and AMC Entertainment fell Wednesday night in operations, aimed at returning some of the weather concentration amid a retail buying frenzy.
Shares of the brick and mortar video game retailer fell 18% as trading expanded, following a 134% increase during regular hours. The movie chain fell 33% in overnight operations, after shares soared by 300% in extremely heavy operations.
The pair have been popular targets in Reddit’s “Wallstreetbets” chat room, where a wave of home traders are focusing on sharply short stocks, raising the share and eliminating short-selling hedge funds.
The forum, which has more than three million members, became private briefly, as moderators said they were “unable to guarantee Reddit’s content policy.”
GameStop has hit more than 400% this week alone, raising its January earnings to 1,700%. AMC has also shot up more than 450% this week. On Wednesday, more than a billion shares changed their name to AMC, marking their highest volume in history.
Rising speculative behavior among retail investors is raising eyebrows on Wall Street and many worried it could be a sign of a bubble with the stock market at record highs.
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