AMC, BlackBerry shares surge along with GameStop. Here's why meme stocks are back.
CBSN
It's like 2021 all over again — at least, in one bullishness-on-steroids corner of the stock market.
Several "meme stocks," or companies whose shares are buoyed by social media buzz rather than traditional business fundamentals like growth and profits, surged ahead of the start of trading on Tuesday. It's the second consecutive day that such stocks have popped in the stock market, following GameStop's 72% surge on Monday.
Other favorites with the WallStreetBets, the Reddit forum that spurred the meme-stock craze three years ago, jumped in pre-market trading on Tuesday. Among them are movie-theater operator AMC Entertainment, whose shares soared 78% in premarket trading, and BlackBerry, with a 26% gain. GameStop shares spiked more than 130%.
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