Why AMC, GameStop, and Newegg Were All Over the Place Today
Meme stocks were on the move Friday with AMC Entertainment (NYSE: AMC) resuming its decline, falling 3% on the day and closing out the week down 25%, while fellow meme stocks GameStop (NYSE: GME) and Newegg Commerce (NASDAQ: NEGG) did better, rising 1.6% and 15.8%, respectively.
The momentum that was holding AMC's stock aloft has weakened significantly in recent weeks, causing shares to lose more than half their value. There's been no specific cause for the falloff, but it's apparent the "diamond hands" the theater operator's "apes" have been brandishing are losing their luster. Still, AMC's stock is up over 260% over the last three months and is 1,600% higher year to date.
Image source: Getty Images.
Source Fool.com
