Shares of GameStop Corp.
reversed earlier gains to trade 1.8% lower in premarket trading Friday, as they remain on track to snap a three-week win streak in which it rocketed more than sixfold. The videogame and consumer electronics retailer’s stock has lost 23.7% this week through Thursday. This week’s losses came as zero-commission broker Robinhood was grilled by a Congressional committee over its part in the recent disruptive and frenzied trading in so-called meme stocks. Before this week’s losses, the stock had run up 551.6% over the past three weeks, which followed a three-week loss streak in which it plunged 87.5%. Shares of fellow meme stock AMC Entertainment Holdings Inc.
rose 1.4% ahead of the open, adding to this week’s gains of 25.5% through Thursday. The stock is on track to post its fifth-straight weekly gain, in which the stock has advanced 150.4%. That would be the longest weekly win streak since the six-week stretch that ended in August 2019. Over the past three months, GameStop’s stock has run up 1,190.8% and AMC shares have climbed 400.0%, while the S&P 500
has tacked on 5.6%.