GameStop's volatile trading halted: Are meme stocks back?

GameStop (GME) shares saw volatile movement on Monday morning as "Roaring Kitty" returned to social media. The social media comeback of the investor, who originally inspired the historic short squeeze of the stock back in 2021, caused a massive jump in trading on Monday, resulting in a halt on trading for the stock.

Yahoo Finance Anchors Seana Smith and Jared Blikre discuss GameStop's latest development and what it means for the stock moving forward.

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Nicholas Jacobino

Video transcript

Gamestop shares surging over 70%.

It was then halted for volatility.

We're looking at gains of about 71% ahead of that.

Yahoo Finance's, Jared B Booker has been closely tracking this action joining us now and Jared Miles and I were talking about this resurgence that we've seen in so many of these mean names.

A lot of the move that we're seeing in games up here tied to a trade out from a roaring kitty who was infamous back in 2021 when we were initially talking about some of these meme trades here.

But again, enough for some buyers jumping back in, I'll tell you what, um, I think we were kind of due here for a little bit of a bump.

I was writing about meme stocks a couple of weeks ago in the morning brief and they've just come alive.

But at random times now, last year and the year before when you saw these meme stocks surging, that was a good, that was a good opportunity to short the market because they were the laggards.

But this time, it seems to be, uh, that they have a mind of their own again, not really acting on fundamentals and guess what?

That's what we're used to.

So, here's gamestop, going back five years here is the 2021 phenomenon that we saw that was, uh, in January and early February.

Now, we just got a spike here.

That is the biggest percentage wise.

We're up over, we were up over 100% here before the last pause.

That was the biggest jump since February of 2021.

So we're right back in the thick of it.

You notice that over time these spikes were getting smaller, smaller, smaller and now we have the first break to the upside.

So question for me is, is there more to come and just based on our history with what we know about me stocks?

That is a possibility.

I'm gonna sort by performance here and we can see it's kind of hard to read but gamestop is up 80% cost.

Remember cost that's up about 40% Tupperware up 20% A MC and a MC entertainment and a MC now works both up 14%.

So it reminds me of 2021.