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AMC, GameStop shares snap five-day session sell-off

By Sinéad Carew and Medha Singh (Reuters) - Trading in shares of AMC Entertainment (NYSE:AMC) and GameStop (NYSE:GME) was volatile on Thursday as the so-called meme stocks pared...

By Sinéad Carew and Medha Singh

(Reuters) - Trading in shares of AMC Entertainment (NYSE:AMC) and GameStop (NYSE:GME) was volatile on Thursday as the so-called meme stocks pared gains after rallying sharply earlier in the day as some investors looked for bargains following several days of losses.

Both companies, which released no new announcements on their websites on Thursday, have a large following among retail investors who pushed them to record levels last year when they clubbed together to force out short sellers.

Trading in the pair was anything but consistent on Thursday with cinema operator AMC closing up 8.0% at $11.20 after rising as high as $13.71. Video game retailer GameStop shares finished up 10.1% at $89.57, compared with the stock's session high of $108.06.

Despite a blistering sell-off in equities overall recently, Thursday's meme stock trading appeared to highlight some investors were still using a "buy-the-dip" strategy. [.N] GameStop lost 36% of its value in the last five sessions, while AMC fell 34% in the same timeframe.

"There are plenty of customers out there who continue to look for places to buy dips using very aggressive products to do so. That's why with AMC and GME, when there's a little kindling out there, the fire gets lit," said Steve Sosnick, chief strategist at Interactive Brokers (NASDAQ:IBKR). "The true believers in meme stocks still have not been fully washed out."

And the rally likely lost steam as the session wore on because some traders stepped away because the stocks in the past have been prone to such huge rallies and declines, he said.

Interactive Brokers' clients, which include retail investors and smaller institutions, continued to be net buyers of stocks throughout the recent declines though "they have backed off memes for the most part," Sosnick said.

GameStop is down about 40% so far in 2022 compared with a 687% gain for 2021, with the stock rising more than 2,463% at its peak last year. AMC shares are down 60.6% year-to-date compared with a 1,183% gain in 2021 and a 3,624% jump at their highest point last year.

Anthony Denier, chief executive of trading platform Webull noted that retail investors who started trading in the last few years have never experienced a bear market.

"We are now in a bear market where rallies are more akin to a 'dead-cat bounce'," he said. "Finding the bottom is often tried, and very rarely achieved and as a result, retail investors are feeling the fatigue of catching the falling knife."

On the surface, Thursday's action appeared to diverge from recent days with retail traders selling $1.9 billion worth of shares in the last two days, for the largest two-day outflow in 14 months, according to research released by JPMorgan (NYSE:JPM) late on Wednesday.

Cheng Peng, a quantitative and derivatives strategist at JPMorgan, said he saw no "significant directional bias by retail traders" in either AMC or GameStop on Thursday.

"Instead the buying seems to be driven by institutional investors," said Peng, citing public order flow data.

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22-05-2022 11:37:47 (UTC+7)

EUR/USD

1.0562

-0.0024 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/USD

1.0562

-0.0024 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

GBP/USD

1.2489

+0.0029 (+0.23%)

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Neutral

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Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (5)

USD/JPY

127.86

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Neutral

Moving Avg:

Buy (8)

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Buy (3)

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AUD/USD

0.7039

-0.0008 (-0.11%)

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Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (3)

USD/CAD

1.2839

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Buy (5)

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EUR/JPY

135.05

-0.24 (-0.18%)

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Neutral

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US Coffee C Futures

216.48

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Euro Stoxx 50

3,657.03

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Buy (9)

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S&P 500

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DAX

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20,717.24

+596.56 (+2.96%)

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Buy (4)

Sell (8)

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Buy (1)

Sell (7)

US Small Cap 2000

1,773.27

-2.96 (-0.17%)

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Sell (5)

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Sell (1)

IBEX 35

8,484.50

+78.50 (+0.93%)

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BASF SE NA O.N.

48.850

-0.010 (-0.02%)

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Bayer AG NA

63.74

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Buy

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Allianz SE VNA O.N.

195.58

+0.78 (+0.40%)

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Buy

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Adidas AG

172.80

+0.92 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

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Buy (7)

Sell (1)

Deutsche Lufthansa AG

6.852

+0.049 (+0.72%)

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Sell (12)

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Buy (2)

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Siemens AG Class N

115.08

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Deutsche Bank AG

9.362

-0.130 (-1.37%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (1)

 EUR/USD1.0562↑ Buy
 GBP/USD1.2489Neutral
 USD/JPY127.86Neutral
 AUD/USD0.7039Sell
 USD/CAD1.2839↑ Buy
 EUR/JPY135.05Neutral
 EUR/CHF1.0296↑ Buy
 Gold1,845.10↑ Buy
 Silver21.765↑ Sell
 Copper4.3042↑ Buy
 Crude Oil WTI110.35↑ Sell
 Brent Oil112.91↑ Sell
 Natural Gas8.058↑ Sell
 US Coffee C216.48↑ Buy
 Euro Stoxx 503,657.03↑ Buy
 S&P 5003,901.36↑ Buy
 DAX13,981.91Buy
 FTSE 1007,389.98Neutral
 Hang Seng20,717.24↑ Sell
 Small Cap 20001,773.27↑ Buy
 IBEX 358,484.50Neutral
 BASF48.850Buy
 Bayer63.74Buy
 Allianz195.58Buy
 Adidas172.80Buy
 Lufthansa6.852↑ Sell
 Siemens AG115.08Neutral
 Deutsche Bank AG9.362Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,875/ 6,975
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