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Meme stocks GameStop and AMC tumble Tuesday on heavy trading volume

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New York GameStop Location, 23 December 2021

Scott Mlyn | CNBC

This is an ongoing story. Stay tuned for new updates.

Meme stock tumbled Tuesday amid huge trading activity.

GameStopWith more than 6,000,000 shares being traded by 10:15, the drop in share volume was greater than 9%. ET already has more volume than the average daily full-day volume (30 days) of 4.6 millions

AMC Entertainment Shares lost 3%, with 76,000,000 shares traded. This is more than the 30-day average 51 million.

While the reason behind the movements was not immediately apparent, the stocks were up large this month in spite of a wider comeback rally Wall Street. Some investors might be using the surge to profit from volatile shares.

According to FactSet data, there was a significant block trade in GameStop during the opening of trading on NYSE. Shortly after trading opened, the NYSE temporarily stopped both stocks from volatility.

As loyal retail investors continued pushing the shares up, GameStop just had a solid week. GameStop stock rose 67% in the last week after traders received a vote for confidence. chairman Ryan Cohen bought additional 100,000 sharesVideo game retailers.

AMC posted a 28% rise last week following the announcement by movie chain. buy a tiny gold miner.

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