GameStop (GME) and AMC (AMC) were halted briefly for volatility soon after the markets opened this morning amid a recent boom for ‘meme stocks’.
Shares of the video game retailer surged to $199 each before dropping to around $180, while the cinema operator’s stock went as high as $34 and minutes later was hovering around $29.
The flagship meme stocks have been on a tear over the last week and a half.
GameStop shares surged last Wednesday after chairman Ryan Cohen bought 100,000 shares of the video game retailer.
Earlier this month AMC announced it was buying a stake in gold and silver miner Hycroft Mining Holding Corp (HYMC).
On Monday AMC surged 45% in one day after the cinema chain’s CEO Adam Aron told Reuters investors should expect to see more “transformational” deals in the future.
“I’d like to think there will be more third-party external M&A announcements going forward where AMC can reach for the stars and intriguing investments that have potentially attractive returns,” Aron said.
AMC and GME are currently the #1 and #2 trending tickers on Yahoo Finance. It’s been a volatile quarter for the broader markets as well as meme stocks. Despite the volatility, GameStop is positive for the year, while AMC is flat year-to-date. Bed Bath and Beyond (BBBY), another meme stock, is up around 90% since the start of the year.
Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre
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