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Meme Stocks Set To Extend Gains Tuesday

Stock Markets55 minutes ago (Jun 08, 2021 05:35AM ET)

(C) Reuters

By Dhirendra Tripathi — Meme stocks, led by AMC Entertainment (NYSE:AMC), looked set to extend their gains for the second consecutive session rising 2%-5% in premarket Tuesday.

The favorite of the Reddit gang, AMC, was up more than 4% while GameStop (NYSE:GME) and BlackBerry (NYSE:BB) gained approximately 2% and 3%, respectively.

Meme stocks have defied the naysayers consistently over the last six months and while GameStop and Blackberry (TSX:BB) may be significantly off their year’s highs, it’s not been a flash in the pan.

In the process, the stocks have made new highs several times and created wealth for many even as their books may not yet deserve those valuations.

The companies are trying though. To the surprise of many, AMC has raised $1.24 billion in equity in three installments in less than a month, each at a different price, and proposes to sell 25 million more shares in 2022.

GameStop, once a bankruptcy candidate, has reshuffled its top management as it tries to become a multichannel global retailer, retired part of its debt and created new facilities.

Blackberry continues to strengthen its security software portfolio, have more cloud-based offerings and forge new partnerships.

Meme Stocks Set To Extend Gains Tuesday

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