GameStop, AMC make a roaring comeback

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and what’s fueling another meme stock craze.

Transcript

00:00 I'm Conway Gittins reporting from the New York Stock Exchange.

00:02 Here's what we're watching on the street today.

00:04 The Dow snapped its longest bullish streak since December, ending a rally that stretched

00:09 for eight days in a row.

00:11 The S&P 500 finished slightly lower, while the Nasdaq managed to eke out a gain.

00:17 Investors have turned cautious ahead of key inflation data due Wednesday.

00:21 The inflation update could provide clues on how soon the Federal Reserve can start lowering

00:26 interest rates.

00:28 In other news, the meme stock craze of the pandemic made an encore.

00:32 Shares of GameStop soared on nothing more than a social media post by retail investor

00:37 Keith Gill, better known by his online alias, Roaring Kitty.

00:42 This was his first post in three years.

00:44 Gill is credited for kicking off the meme craze back in 2021.

00:49 The post on his verified ex-account was an image suggesting someone sit up and pay attention.

00:55 There were no words and no mention of any stock, but that did not stop investors from

00:59 interpreting what they think he meant.

01:02 Shares of GameStop surged 74 percent to close the day at $30.45.

01:08 Trading in the stock was so volatile it had to be halted several times on the New York

01:12 Stock Exchange.

01:13 AMC, another meme stock, jumped 78 percent.

01:18 In addition to GameStop's stock getting a huge bump, a cryptocurrency that uses GameStop's

01:23 name, logo and ticker was also up more than 1,400 percent on the day.

01:29 However, the coin has no connection to the company itself.

01:34 But analysts were quick to point out the disconnect between GameStop the stock and GameStop the

01:40 company.

01:41 The gaming retailer has lost money nearly every quarter over the past three years.

01:47 That'll do it for your daily briefing.

01:49 From the New York Stock Exchange, I'm Conway Gittens with The Street.

01:52 Thanks for watching.

01:52 For more information visit www.street.com.