Shares of AMC Entertainment (NYSE: AMC) and GameStop (NYSE: GME) are both falling in morning trading Wednesday, dropping on no news specific to the meme stocks and running counter to the more ebullient broader market. Both AMC and GameStop are coming off extended runs higher, but now extending losses over two days. AMC enjoyed a rally for six days, while GameStop saw its shares tear higher for nine.
Remember, the fundamentals of popular meme stocks are challenged at best.
The frenzied action in meme stocks could quickly dry up, warns one strategist.