GameStop surges another 67% alongside other popular Reddit meme stocks like AMC and Koss

• GameStop shares extended their 104% Wednesday rally by climbing another 67% in premarket trading on Thursday.
• The stock surged alongside other so-called meme stocks popular on Reddit, like AMC and Koss.
• GameStop is back in focus after it announced the resignation of its CFO, Jim Bell.

GameStop surged another 67% in early trading on Thursday after the stock more than doubled the previous day. The move was part of a broader surge for so-called meme stocks popular on Reddit.

The stock rose to $152.70 per share as of 8 a.m. ET, after closing 104% higher at $91.71 on Wednesday. Among other Reddit stocks, AMC Entertainment rose 15%, Express Inc climbed 14%, and Koss gained 98%.

GameStop’s spike was spurred by a spike in final hour of regular market hours on Wednesday, after a session that saw trading in the stock halt multiple times due to volatility. The video-game retailer came back into focus after it announced the resignation of its chief financial officer, Jim Bell.
Sources told Insider Bell didn’t actually resign voluntarily, but was forced out by the board as part of a push by activist investor Ryan Cohen. The board aims to make way for an executive that is more in line with Cohen’s strategic vision.

Cohen’s addition to the board in early January, along with his boosted investment stake in the company, fueled the first flurry of moves in GameStop.

After GameStop’s stock doubled, Reddit’s website suffered an hour-long outage in after hours-trading. It is unclear whether the two instances were related, but the Wall Street Bets subreddit page is known to be a popular forum for day traders that recently triggered a rally in multiple shorted stocks.

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