GameStop and AMC Shares Continue to Climb, but Short Sell Rally Fizzling

Benzinga

GameStop and AMC shares extended their gains on Tuesday after surging on Monday, but the broader short-sell rally appears to be fizzling out with smaller retail interest compared to 2021. GameStop and AMC shares dropped 15%  on Wednesday, indicating a cooling off of the recent trading frenzy. GameStop and AMC were up 179% and 135% this week, respectively, following a rare social media post from Keith Gill, "Roaring Kitty." AMC completed a $250 million stock sale on Monday and announced plans to issue new shares in a debt-for-equity swap. Some analysts see the renewed frenzy as "frankly stupid" gambling rather than based on company fundamentals.

Transcript

00:00 It's Benzinga and here's what's on the block.

00:02 GameStop and AMC shares extended their gains on Tuesday after surging on Monday,

00:06 but the broader short-sell rally appears to be fizzling out

00:10 with smaller retail interest compared to 2021. GameStop and AMC shares dropped 15%

00:15 on Wednesday, indicating a cooling off of the recent trading frenzy. GameStop and AMC were up

00:20 179 and 135% this week, respectively, following a rare social media post from Keith Gill, aka

00:28 Rory and Kitty. AMC completed a $250 million stock sale on Monday and announced plans to

00:34 issue new shares in a debt-for-equity swap. Some analysts see the renewed frenzy as,

00:38 frankly, stupid gambling rather than based on company fundamentals.

00:42 For all things money, visit Benzinga.com

00:44 [BLANK_AUDIO]

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