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The Stock of Gamestop Jumps Premarket as Investors Await the Next Move in Meme Stocks

June 10, 2024
minute read

GameStop Corp.'s stock saw a 7.6% rise early Monday, recovering some of the ground lost on Friday, following a YouTube livestream hosted by Keith Gill, famously known as Roaring Kitty. This was Gill's first livestream in three years.

Keith Gill played a pivotal role in the meme-stock phenomenon that emerged in the early days of the COVID-19 pandemic. On Friday, he once again presented his bullish case for the video game retailer, GameStop (GME), which had dropped by 10.52% recently. Gill remains optimistic about the company's potential transformation under the leadership of CEO Ryan Cohen.

"I believe this guy — he might be able to do it," Gill expressed to his viewers. His confidence seemed to resonate with many, as his YouTube channel saw a significant increase in subscribers, jumping from 714,000 to 924,000 on Friday.

Despite the nearly 51-minute livestream, GameStop's stock continued its downward trend, closing the session on Friday with a 39% decline. According to Dow Jones Market Data, this marked the stock's worst single-day performance since February 2021.

Gill's updates always generate significant interest, and his latest broadcast was no exception. Social media buzzed with discussions as users tried to interpret his comments and predictions.

During the livestream, Gill referenced the numerous memes he had recently posted on Twitter. "I hope that you think some of them were funny," he said, humorously referring to himself as a "professional larker."

Other meme stocks showed mixed results early Monday. AMC Entertainment Holdings Inc. (AMC) saw a slight increase of 0.8%, while Koss Corp. (KOSS) dropped 2.2% and BlackBerry Ltd. (BB) experienced a marginal decrease of 0.04%.

In terms of year-to-date performance, GameStop's shares have surged 61% in 2024. In contrast, AMC's stock has declined by 19.8%, Koss shares have risen by 36.1%, and BlackBerry shares have fallen by 24.3%.

Gill's livestream not only revived interest in GameStop but also highlighted his enduring influence over the meme-stock community. As an early and prominent figure in the movement, his insights and analyses continue to hold considerable sway among retail investors. His confident assertion that Ryan Cohen could steer GameStop towards a successful transformation reignited discussions about the company's future prospects.

Despite the stock's significant drop on Friday, the early trading on Monday showed signs of recovery, suggesting that Gill's optimism might have bolstered investor confidence. His ability to attract a large audience underscores his role as a key player in the ongoing meme-stock narrative, where retail investors often look to influential figures like him for guidance and inspiration.

The mixed performance of other meme stocks on Monday reflects the volatile nature of this segment of the market. Stocks like AMC, Koss, and BlackBerry, which have been similarly influenced by social media-driven trading, continue to experience fluctuations based on investor sentiment and speculative activity.

Overall, GameStop's early gains on Monday indicate that the market is still responsive to influential voices within the meme-stock community. Keith Gill's livestream served as a reminder of the power of retail investors and the ongoing impact of the meme-stock phenomenon that began during the pandemic. As the year progresses, the performance of these stocks will likely continue to be shaped by the interplay of market dynamics, corporate developments, and the influence of key figures like Roaring Kitty.

John Liu
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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