Shares of Robinhood Markets Inc (HOOD.O)rose more than 50% on Wednesday during a wild trading session as investors scooped up shares after its underwhelming stock market debut last week.
Shares of cinema operator AMC Entertainment (AMC.N) and video game retailer GameStop Corp (GME.N) fell sharply on Wednesday and were both trading below half their recent peak prices, testing the fortitude of the stocks’ retail shareholders.
Shares in so-called meme stocks with a following among retail investors lost ground on Wednesday, with AMC Entertainment (AMC.N) shares down 8.1%, on track for their fourth straight day of declines, and GameStop Corp (GME.N) falling 4.9%.
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Shares of software firm Alfi Inc (ALF.O) fell 10% in early deals on Wednesday after more than doubling in value in the previous session, in a move evocative of the so-called “meme stock” frenzy that has gripped equity markets this year.
The prices of so-called meme stocks may be distorted because the majority of trades in those names are executed away from public exchanges where share price formation occurs, the head of the New York Stock Exchange said on Wednesday.
Small-time stock traders turned their attention to the biotech and healthcare sectors on Monday, lifting shares of some by as much as 10%, while the rally in stocks that were favored in recent weeks appeared to fade.
Shares of GameStop Corp (GME.N) lost more than a quarter of their value on Thursday and other so-called meme stocks also declined in a sell-off that hit a broad range of names favored by retail investors.
Wall Street ended a see-saw session lower on Wednesday as market participants awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy.