GameStop shares surge in early deals, on course to extend rally

(Reuters) – Shares of GameStop jumped before the bell on Wednesday, setting the videogame retailer on track for its longest streak of daily gains in six months and extending a rally that has already doubled the company’s market value.

Other “meme stocks” also rose on Wednesday, with headphones maker Koss Corp and cinema giant AMC Entertainment jumping more than 5% in premarket trading.

GameStop was trading 14.1% higher at $281.71, on course for a sixth straight session of gains.

The company’s Germany-listed shares jumped nearly 19% to 235 euros a share. Data from brokerage Lang & Schwarz showed the scrip to be among the top three traded shares on its platform.

GameStop is the flag-bearer of the so-called “stonks” – a term used to describe stocks with convoluted prospects that are popular with retail traders on online forums. The videogame retailer’s stock has seen its fortunes fluctuate since a social media frenzy in January drove a 1600% surge.

Meme stocks like GameStop could continue their recent rally, as individual investors active on online social media forums pour portions of their stimulus checks into the stock market.

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