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Author: Alan LittleDate: 2022-03-30

GameStop (GME) -6% after trading halted briefly due to volatility

GameStop (GME) shares tumbled on Tuesday after the video game retailer’s shares were halted briefly due to the large volumes being bought and sold.

GameStop’s (GME) winning streak came to an end on Tuesday as its shares slumped 6% after trading for the stock was halted briefly during the morning due to its volatility.

After soaring 67% last week on chairman Ryan Cohen’s decision to buy more stock, GameStop had a rare foray into negative territory on Tuesday as trading activity became frenzied.

Around 17 million GME shares were trading through afternoon in New York, which is considerably higher than its recent 4.6 million average for a full day.

What triggered the unusual activity is unknown, but it could be investors attempting to lock in profits by selling shares following its recent surge.

While GameStop retreated 6.1% to $178.00 on Monday, that was not nearly enough to wipe out its gains for the last month, which stand at +41%.

GameStop is among a number of ‘meme’ stocks that rose to prominence after retail investors on Reddit began buying into them en masse last year.

The activity for GameStop had a knock-on effect on fellow meme stock AMC Entertainment (AMC) on Tuesday as it also tumbled 12% early on.

Elsewhere, FedEx (FDX) climbed 4.3% after the package delivery company said that chief operating officer Raj Subramaniam is set to become CEO later this year.

Subramaniam takes the top job from Fred Smith, who will serve as an executive chairman 49 years after he founded FedEx in the early 1970s.

Subramaniam said that Smith had been a “visionary leader” and pivotal to FedEx’s rise as a global leader its industry.

FedEx shares are down for the year, but its latest rise to $239.82 trimmed the deficit to 7.7%.

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