GameStop Corp. sank for a second day and is on pace for its worst back-to-back loss in more than a month as volatility picked up again for the Reddit-touted stock.
Shares dropped as much as 20 per cent to US$175.52 in New York as trading volume accelerated compared to recent weeks, while other retail investor favorites like headphone maker Koss Corp. and AMC Entertainment Holdings Inc. dropped alongside GameStop. The broader market was mixed as optimism in the global economic recovery outweighed turmoil in vaccine rollout.
While some Reddit favorites were in the red at the start of Tuesday’s session, it wasn’t all bad news for stocks favored by amateur traders. Shares Sundial Growers Inc. climbed as much as 8 per cent ahead of quarterly results due Wednesday after the bell.
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