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GameStop Shares Swing Sharply in Volatile Trading Session

Published by

December 5, 2024
(GMT+2)

Shares of GameStop Corp. continued their wild ride on Wednesday, as the “meme stock” beloved by individual investors surged to almost $350 in intraday trading-only to give up most of the gain.The video game retailer’s stock price climbed 7.3%, or $18.10, to $265 for the day, a modest increase following erratic swings. GameStop shares leaped at the opening bell and climbed as much as 41% to $348.50 midday- a move that briefly placed them on pace to close at a new all-time-high.The stock then plummeted to $172, getting rid of roughly half its value in less than 30 minutes. Trading in the stock was briefly halted seven times during the session for volatility. There were no obvious catalysts for the moves. The big swings in GameStop’s share price are reminiscent of late January, when individual traders got together in order to drive the stock to record highs, causing punishing losses on top-performing hedge funds. GameStop surged as high as $483 in intraday trading that month before dropping below $40 intraday only a few weeks later.

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