GameStop leads meme shares lower, on course for sharp weekly decline

FILE PHOTO: GameStop logo is seen near the stock chart shown in this illustration on February 2, 2021. REUTERS / Dado Ruvic / Illustration

(Reuters) – Shares of GameStop Corp slipped further in early trading on Tuesday, continuing with a slump that has left the video game retailer’s share down a third of its value so far this week.

The company’s shares fell 16.4% to $ 184, on track for their poor weekly performance since early February, with a drop of more than 30% since closing Friday.

Other so-called meme stocks, which are popular with online retailers, declined early in Tuesday’s session, with AMC Entertainment Holdings Inc, a cinema company, down 8.6% while headphone maker Koss Corp fell 7.1% .

GameStop still retains a legion of dedicated followers after a social media frenzy caused a massive surge in January in which its shares rose more than 1,600%, in a brief push that shook hedge funds like Melvin Capital.

Reporting by Aaron Saldanha in Bengaluru; Edited by Shounak Dasgupta

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