GME Stock News: GameStop Corp surges as meme stocks return to center stage

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  • NYSE:GME gained 12.74% on Monday as meme stocks had a revival to start the week.
  • GameStop investors prepare for Wednesday’s annual general meeting and rumors are flying.
  • AMC and BlackBerry also jumped as the short squeeze continued after a brief pause.

NYSE:GME has settled in nicely as it allows AMC (NYSE:AMC) to become the official stock of the Reddit short squeeze movement. While GameStop hasn’t been the focus, it has managed to reap the rewards as a sympathy play to AMC, even with a much lower daily trading volume. On Monday, shares of GameStop surged once again, adding 12.74% to close the day at $280.01, and the stock continued to climb after hours trading. Shares have now gained over 83% during the past month, and continue to defy any sort of fundamental business analysis.

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The catalyst that is drawing the anticipation of investors is the annual general meeting and Q1 earnings results that are set to be reported on June 9th. It is expected at this time that Ryan Cohen will also officially take over as Chairman of the Board, and it is believed that he will provide an update on the ongoing digital transformation that he has envisioned for the company. Rumors are swirling around the internet about what could be announced at the meeting, but nothing official has actually been confirmed. 

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Other meme stocks that rebounded on Monday include AMC and BlackBerry (NYSE:BB), which gained 14.63% and 13.78% respectively during the session. This seems to be the trio of stocks that the recent Reddit movement has targeted, and although the downside comes in a hurry as we saw with AMC’s 30% single day drop last week, it seems that the belief in the short squeeze is still alive and well. Some Reddit forums are expecting BlackBerry to follow in AMC’s footsteps by hitting $50 per share, but others are less optimistic about the Canadian cybersecurity firm.