The shares of GameStop Corp. (NYSE: GME), AMC Entertainment Holdings Inc. (NYSE: AMC), Nokia Oyj (NYSE: NOK), a BlackBerry Ltd. (NYSE: BB) traded lower in the pre-sale session on Thursday.
What happened: The four shares are subject to brief pressure led by members of the Reddit community WallStreetBets.
GameStop traded 6.5% lower at $ 325, while BlackBerry shares traded 14.7% lower at $ 21.4.
Nokia shares traded 16.6% lower at $ 5.46, and AMC traded 16.5% lower at $ 16.61.
Why it matters: The drop follows similar price movements seen in the after-hours session on Wednesday when WallStreetBets briefly disappeared from Reddit and was taken down by Discord.
Several prominent personalities, including Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk, Shark Tank Host Mark Cuban, and Virgin Galactic Holdings Ing (NYSE: SPCE) Chairman Chamath Palihapitiya has spoken out in favor of the Reddit community.
The New York Times reported on Wednesday that Point72 suffered a 15% loss this year due to the GME shortfall. Melvin Capital and Citron Research said earlier in the day that they had closed their short positions on GME.
Read next: Dogecoin shoots up 62% because SatoshiStreetBets wants to emulate WallStreetBets’ success with GameStop.
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