Reuters As the popularity of meme stocks fades, AMC and GameStop’s stock prices plummet. On Wednesday, shares of so-called meme companies with a following among retail investors fell, with AMC Entertainment down 8.1 percent and GameStop Corp down 4.9 percent, putting them on course for their fourth straight day of losses. Members of social networking networks such as Twitter and Reddit’s WallStreetBets urged each other to buy AMC, which had fallen about 12% in the previous three sessions, to a record high of $72.62 in early June. After exceeding its 30-day moving average, the theater operator was trading at $45.91 after scrapping a shareholder approval request for an increase in the number of shares outstanding on Tuesday./n
Read More
