Shares in so-called meme stocks with a following among retail investors lost ground on Wednesday, with AMC Entertainment shares down 8.1%, on track for their fourth straight day of declines, and GameStop Corp. falling 4.9%, Reuters reported. AMC, which fell almost 12% in the previous three sessions, hit a record high of $72.62 in early June as members of social media platforms including Twitter and Reddit's WallStreetBets urged each other to buy the stock. The cinema operator, which on Tuesday scrapped a shareholder approval request for an increase in the number of shares outstanding, was trading at $45.91 after breaching its 30-day moving average. AMC was still up about 2254% year-to-date but well below its 3624% peak gain. Shares in video game retailer GameStop traded at $189.79, compared with its Jan. 28 record of $483 when investors betting against the stock were forced to buy it to cover their bets as retail investors piled in. GameStop shares have steadily declined since it announced quarterly results and flagged upcoming share sales in early June. It was last up 906% for the year-so-far compared with a roughly 2464% peak gain. "The momentum is fading and the enthusiasm is fading," said Michael O’Rourke, chief market strategist at JonesTrading in Stamford, Conn. "They've been pushed well beyond the appropriate fundamental valuation levels so we're starting to see some air come out."
