Why Are Meme Stocks GME, AMC, BBBY Up Today?

  • Meme stocks are rising thanks to GameStop (GME).
  • The video game retailer reported a surprise profit in the fourth quarter of 2022.
  • This has GME stock rallying higher today.
Meme Stocks - Why Are Meme Stocks GME, AMC, BBBY Up Today?

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Meme stocks are on the move Wednesday as investors celebrate a recent earnings report from GameStop (NYSE:GME).

The big news here is GameStop turning in a surprise profit for the fourth quarter of 2022. That saw the company’s earnings per share come in at 16 cents, which is well above the -13 cents per share Wall Street was expecting.

Fans of GME stock will also note that this is the first time in two years the video game retailer has reported a quarterly profit. That’s further cause for celebration and helps explain the meme stock rally today.

It’s not uncommon for positive news from one meme stock to lift other meme shares higher. That appears to be what’s happening today as traders see other meme stocks take off alongside GameStop and its Q4 report.

Let’s go over the latest meme stock movements below!

Meme Stocks Up On Wednesday

  • GME stock starts us off with the video game retail company’s shares rising 40% as of Wednesday morning.
  • AMC Entertainment (NYSE:AMC) is next with the movie theater company’s stock climbing 3.8% this morning.
  • Bed Bath & Beyond (NASDAQ:BBBY) stock initially started out higher in early morning trading but has since given those gains up. BBBY is now down 1.7%.

There’s even more stock market news traders will want to know about below!

It’s not just meme stocks on the move today as there’s plenty of other stock market coverage for Wednesday! Among that is what has shares of Stratasys (NASDAQ:SSYS), Luminar (NASDAQ:LAZR) and 89bio (NASDAQ:ETNB) stock moving today. You can read up on all of this news at the links below!

More Wednesday Stock Market News

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/why-are-meme-stocks-gme-amc-bbby-up-today/.

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