Is this week's meme stock saga already over?

Meme stocks like GameStop (GME), AMC Entertainment (AMC), BlackBerry (BB), and Tupperware (TUP) are falling back down after a rally spurred by X (formerly Twitter) user "Roaring Kitty's" return to social media earlier this week.

Yahoo Finance's Jared Blikre breaks down key meme stocks and analyzes how 2024's rally compares to the 2021 meme trade frenzy.

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

This post was written by Melanie Riehl

Video transcript

Meme stocks showing some volatility after that rally earlier in the week and a big sell off today for more.

We're going to bring in our own Jared Blicker, Jared, what's going on with the meme trade?

Well, we're seeing some of the leaders flag a little bit.

Gamestop and A MC in particular are down today.

And you can see this is our meme stock board.

I created this several years ago.

Haven't really added too many names over the years and this is just showing you that a very mixed situation right now, not seeing any trends.

Now, I'm going to sort by performance.

And here we can see Gamestop A MC T were actually the worst leaders over the last day that would be today.

And also over the last two days yesterday, we saw gamestop and A MC leading things down and in fact, we can add cost to this list as well.

Everything down 25% or more.

But when we put the four day totals on instructive to show that gamestop still holding on to gains of 91% A MC, still up 68% nice gains by Tupperware clover up 20%.

And also over the last month, we've seen even more bullish reactions.

But I think it's safe to say that the era of meme stocks and what we saw in 21 2021 largely over Wall Street was much more prepared this time.

And I can take the example of a MC on a corporate level.

They were very much uh ahead of the game here.

They were standing by and they were ready and willing to uh sell about 100 and 64 billion or swap about 100 and $64 million in debt for newly issued shares.

They had that shelf offering on the table on the shelf and they were able to use it.

So, uh at least A MC was used, was able to improve their capital position after that.

Uh Besides that, I think it's really about some of the individual traders haven't heard much from war and Kitty, but we'll have to see what comes of the rest of the week.