Retail traders bid up ‘meme stocks’ as GameStock cools

The stock closed just 2.7% higher Wednesday at US$92.41, after earlier rising as much as 26%. A selloff at the start of the week has wiped out US$16bil in market value from the company. Shares slipped in after-hours trading, falling 2.5% at 5:20pm in New York.

NEW YORK: The rally in GameStop Corp shares showed further signs of losing momentum as the stock limped into the close even after news of a trio of executive hires, including the appointment of a chief technology officer.

The stock closed just 2.7% higher Wednesday at US$92.41, after earlier rising as much as 26%. A selloff at the start of the week has wiped out US$16bil in market value from the company. Shares slipped in after-hours trading, falling 2.5% at 5:20pm in New York.