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Meme stocks, including AMC Entertainment Holdings, Inc. (NYSE:AMC) and Tupperware Brands Corporation (NYSE:TUP), are trading lower Friday as GameStop Corporation (NYSE:GME) shares tumble following the early release of its first-quarter financial results and filing for a stock offering.
What To Know:
GameStop released its first-quarter results ahead of schedule Friday and reported net sales of $881.8 million, down from $1.237 billion year-over-year and below the consensus estimate of $995.3 million.
GameStop also filed a prospectus with the SEC for the sale of up to 75 million shares. Before this filing, the company sold 45 million shares on May 17, generating about $933.4 million in gross proceeds.
The company may have been eager to capitalize on the recent share price increase following the posting of what is believed to be Keith Gill's very large position in GameStop on Sunday and a livestream is scheduled on the Roaring Kitty YouTube channel for 12 p.m. Friday.
GameStop shares are down by 22% Friday following the early release of its financials and additional stock offering. Other names favored by retail investors, including Koss Corporation (NASDAQ:KOSS) and BlackBerry Ltd. (NYSE:BB), are down in sympathy with GameStop.
Investors are watching to see what transpires from the RoaringKitty live stream scheduled for 12 p.m. ET Friday, with many predicting a reversal if Keith Gill speaks about his GameStop position and/or strategy.
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AMC, TUP, GME, KOSS, BB Price Action: According to Benzinga Pro, AMC shares are down 5.53% at $5.47, Tupperware shares are down 7.84% at $1.70, GameStop shares are down 21% at $36.85, Koss shares are down 8.24% at $5.06 and BlackBerry shares are down 0.53% at $2.79 at the time of publication Friday.
Image: Shutterstock
