News: GameStop leads meme stocks lower, on track for sharp weekly drop.
(Reuters) – GameStop Corp shares continued to slide in early trading Tuesday, continuing a plunge, with the video game retailer’s stock losing a third of its value this week.
The company’s shares fell 16.4% to $ 184, the worst weekly performance since early February, down more than 30% since the close of trading on Friday.
Other so-called meme stocks, popular with online retailers, gave way at the start of the session on Tuesday. Cinema operator AMC Entertainment Holdings Inc was down 8.6% while headphone maker Koss Corp was down 7.1%.
GameStop continues to hold a legion of devout followers after a social media frenzy sparked a massive rally in January that saw its stocks rise more than 1,600%, rocking hedge funds like Melvin Capital.
Reporting by Aaron Saldanha in Bengaluru; Adaptation by Shounak Dasgupta
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