GameStop leads meme stock rally in pandemic trade comeback

By MICHELLE CHAPMAN
AP Business Writer

Meme stocks have soared after one of the most heavily traded off-brand stocks during the pandemic posted a surprise profit for the fourth quarter. For GameStop, it was its first quarterly profit in two years. Rather than a per-share loss of 16 cents as Wall Street had expected, the video game retailer reported a profit of 16 cents per share, or $48.2 million in all. During the pandemic, GameStop was a member of a group of beat-down stocks that drew smaller investors in huge numbers two years ago. Shares of GameStop surged 51% at the opening bell and it pulled other meme stocks along for the ride. It closed Wednesday up 35% but most of the other meme stocks could not hold on to their early gains and finished the day in the red.