Shares of GameStop Corp and AMC were back in play in early trading Thursday with massive volume and tremendous upside.
GameStop traded up more than 80% near the open and, at 10:45am were still up more than 60%, while shares of AMC traded up at 21% at the open and, at 10:45am were still higher by nearly 10%.
The volume is massive. Within the first 30 minutes of Trading, both stock exceeded their 10-day and 52-week averages, per FactSet data.
GameStop announced that it would be seeking a new CFO with its current Chief Financial Officer, Jim Bell, retiring later next month. Outside of the CFO move there is little news to propel the stocks in either direction and thus, the upside is being linked to additional chats on Reddit’s WallStreetBets chat.
GameStop (GME) shares are up more than 530% year to date, while AMC shares up 350% higher.