Meme GameStop and AMC Shares Drop on Tuesday on Heavy Volume

GameStop location in New York, December 23, 2021.

Scott Millian | CNBC

Mimi’s shares fell on Tuesday with massive stock trading activity.

Jim Stop It’s down more than 9% with more than 8 million shares traded as of 10:50 AM ET, effectively doubling its average full-day trading volume of 4.6 million shares over 30 days.

AMC Entertainment Shares lost nearly 4 percent with nearly 100 million shares traded, also doubling their 30-day average of 51 million.

The reason for the moves wasn’t immediately clear, but both stocks are up significantly this month amid a broader recovery on Wall Street, so some investors may use the pop to book profits in volatile stocks.

There were some big GameStop block trades in early trading on the New York Stock Exchange. According to FactSet data, there were two off-opening trades of more than 20,000 shares each.

The New York Stock Exchange briefly halted both stocks due to volatility shortly after the opening as the stocks rose and then fell.

The duo just had a solid week as loyal retail investors continued to push stocks. GameStop shares are up 67% last week as traders get a vote of confidence CEO Ryan Cohen bought an additional 100,000 shares From a video game retailer.

Meanwhile, AMC saw a 28% gain last week after the movie theater chain revealed its plan to… Buy a small gold mine. However, the move to acquire a large stake in a gold mine with a shaky financial history Confused many Wall Street strategists.

This is an evolving story. Check again for updates.

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