Meme stocks soar in late day trading surge, short sellers knocked

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By Saqib Iqbal Ahmed
NEW YORK (Reuters) - Shares of several retail trading darlings, including AMC Entertainment and GameStop, surged in heavy volume late on Tuesday, on no apparent news, dealing over $1 billion in losses to short sellers.
While broad market indexes rose modestly on Tuesday, with the Nasdaq up 0.5% and the S&P 500 0.1% higher, several of the "meme stocks" notched big gains.
GameStop shares jumped 27.53%, AMC shares climbed 20.3%, Clover Health Investments rose 9.9%, Koss Corp rose 4.4%, Robinhood Markets climbed 9.0% and ContextLogic rose 6.4%.
"When you get a move that big it almost makes you think there is some big hedge fund or something out there that decided to do some trades," said Randy Frederick, managing director of trading and derivatives at Schwab ...


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