Several meme stocks soars in a reprise of the social-media driven frenzy during pandemic

(14 May 2024)
RESTRICTION SUMMARY:

ASSOCIATED PRESS
ARCHIVE: Urbandale, Iowa – 28 January 2021
1. STILL of a GameStop sign is displayed above a store

ASSOCIATED PRESS
ARCHIVE: New York, - 15 February 2018
2. Exterior of AMC theater
3. Exterior of AMC theater

++ PARTIALLY COVERED++
ASSOCIATED PRESS
New York – 14 May 2024
4. SOUNDBITE (English) Seth Sutel, The Associated Press:
“So today and yesterday on the stock market, there were some very sharp moves upward in a handful of stocks, AMC and GameStop in particular, that echoed a stock market phenomenon about three years ago, where some social media chat groups right in the middle of pandemic lockdowns in January of 2021, caused a frenzy of buying and speculation by largely individual investors that sent these stocks up like crazy that had nothing to do with how the stocks were actually doing, how their profits or losses were doing. And this came to be known as the meme stock phenomenon.”

ASSOCIATED PRESS
ARCHIVE: New York, - 15 February 2018
3. Exterior of AMC theater
4. Moviegoers at theatre’s lobby
5. Moviegoers on escalators

++ PARTIALLY COVERED++
ASSOCIATED PRESS
New York – 14 May 2024
6. SOUNDBITE (English) Seth Sutel, The Associated Press:
“So, a lot of market watchers on Wall Street are thinking it's different this time than it was three years ago. For one thing, we're not in a pandemic lockdowns and people are not stuck at home with relatively little to do and seeing speculating on their phones with stock prices as a distraction and a form of fun. Now, the world is much more open and there's, we don't have pandemic signals anymore. And these are some of the things that were driving the first round of this massive frenzy of speculation in meme stocks.”

ASSOCIATED PRESS
ARCHIVE: New York – 28 January 2021
7. STILL of a GameStop store in New York

STORYLINE:
The man at the center of the pandemic meme stock craze returned to the social platform X for the first time in three years and sent prices of those stocks surging overnight.

Keith Gill, better known as “Roaring Kitty,” posted an image Sunday of a man sitting forward in his chair, a meme used by gamers when things are getting serious.

GameStop, which Gill turned into a hot stock after pitching the company on Reddit, is a video game retailer that in 2021 was struggling as consumers switched rapidly from discs to digital downloads.

GameStop, the granddaddy of meme stocks, has soared suddenly and sharply this week. It was nearly 48% higher Tuesday afternoon after surging 74% the day before. Other meme stocks from the pandemic era are moving just as radically. AMC Entertainment, the movie theater operator, jumped nearly 18% Tuesday.

===========================================================

Clients are reminded to adhere to all listed restrictions and to check the terms of their licence agreements. For further assistance, please contact the AP Archive on: Tel +44(0)2074827482 Email: info@aparchive.com.

Find out more about AP Archive: http://www.aparchive.com/HowWeWork
Twitter: https://twitter.com/AP_Archive
Facebook: https://www.facebook.com/APArchives ​​
Instagram: https://www.instagram.com/APNews/
You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/61c1063d4275402f8db40d6c3e00ba25

Видео Several meme stocks soars in a reprise of the social-media driven frenzy during pandemic канала AP Archive