Stock Market

GameStop, AMC burst out of gate at Thursday’s opening at insanely high volume

GameStop Corp. and AMC Entertainment Inc. shares picked back up where they left Wednesday and shot out of the gate at the beginning of Thursday trading.

GameStop
GME,
+36.29%

shares popped as much as 85% at the opening and were last up around 41% at $129.05 following early morning halts in trading. Meanwhile, AMC
AMC,
+8.91%

shares surged up to 21% at the open, and were last up 9% at $9.89.

At less than 30 minutes of trading Thursday, both stocks had moved at a volume that far exceeded their 10-day and 52-week daily averages, according to FactSet data. Just before 10 a.m. Eastern time, more than 130 million shares of GameStop had traded hands, while more than 25 million shares of AMC had been exchanged.

In the final hours of trading Wednesday, GameStop and AMC shares surged with GameStop more than doubling after being halted several times for volatility and AMC finished up 18%.

In the absence of tangible triggers or news, the moves were attributed to activity on Reddit’s WallStreetBets forum. Year-to-date, AMC shares are up more than 350%, while GameStop shares are up more than 530%, after investors on that forum sought to create a short squeeze in both stocks in January.

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The unusual moves led to a congressional committee hearing last week at which executives from Reddit, the trading app Robinhood, Citadel and Melvin Capital answered questions, alongside individual investor Keith Gill — aka ‘Roaring Kitty.’

Some of the other stocks that were caught up in the January frenzy were also volatile on Thursday. Headphone maker Koss Corp.
KOSS,
+61.63%

was up 60%, while Naked Brand Group Ltd.
NAKD,
-12.22%

was down 10%.

The Dow Jones Industrial Average
DJIA,
-0.33%

was down 0.3% and the S&P 500
SPX,
-0.58%

was down 0.5%

In case you missed it: It isn’t just GameStop: Here are some of the other heavily shorted stocks shooting higher

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