GameStop Stock Price Update: Plunges 60%, has lost more than 70% of its value
|TEXT SIZE EMAIL PRINT MORE GameStop shares fell 60% Tuesday in a further reversal of the recent blockbuster gains that grabbed people's attention far beyond Wall Street.|
The tumble follows a more than 30% drop during the regular market session Monday after finishing at $325 per share on Friday. That brings the two-day loss to 72%. GameStop shares fell $135 to $90. The 60% drop was the worst ever for the stock and follows a 31% decline a day earlier.
The stock had risen as high as $483 last Thursday, far above the $17 it fetched at the beginning of the year. The sudden swoon this week could dash some investors' hopes of cashing in big.
The extreme moves in GameStop have been driven by a frenzy of speculative trading and appear to have little to do with the actual prospects of the company, which has been losing money consistently.
Investors on Reddit and other social media portals have banded together in recent weeks to snap up shares of GameStop, AMC and other struggling chains.
Beside GameStop, shares of favorites of the online crowd fell as well. AMC Entertainment fell 41%, headphone maker Koss Corp. slid 43% and BlackBerry dropped 21%. The S&P 500 index, meanwhile, closed up 1.4%.
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