A GameStop location in New York, December 23, 2021.
Scott Mlyn | CNBC
Meme stocks fell Tuesday with huge trading activity in the stocks.
GameStop is down more than 9% with more than 6 million shares trading as of 10:15 a.m. ET, already more than its 30-day average full-day volume of 4.6 million.
AMC Entertainment shares are down nearly 4% with 76 million shares traded, which is already more than the 30-day moving average of 51 million.
The reason for the moves wasn’t immediately clear, but both stocks are up sharply this month amid a broader Wall Street comeback rally, allowing some investors to take advantage of the pop to take profits on the volatile stocks.
There were some large block trades by GameStop in early trading on the NYSE. Off the exchange, there were two trades, each involving more than 20,000 shares, according to FactSet data.
The NYSE halted both stocks shortly after the open on volatility as stocks exploded and then fell.
The duo has just had a strong week as loyal retail investors continued to push shares higher. GameStop shares soared a whopping 67% last week as traders received a vote of confidence when Chairman Ryan Cohen bought another 100,000 shares of the video game retailer.
Meanwhile, AMC posted a 28% gain last week after the cinema chain announced its plan to buy a tiny gold mining company. However, the move to take a significant stake in the gold mining company with a shaky financial history left many Wall Street strategists confused.
This is an evolving story. Check for updates again.