What happened to GameStop’s stock at the end of January will be remembered by investors for years to come, as it was probably the first time in the history of the “free market” that a group of self-described internet “degenerates” outsmarted a bunch of Wall Street pros at their own game.
As a recap, on Jan 27, when the Dow Jones Industrial Average fell sharply by over 2% — in large part due to the United States Federal Reserve announcing its move to maintain interest rates around the zero percent mark — shares of video game retailer GameStop (NYSE:GME) and movie theater chain AMC Entertainment (NYSE:AMC) proceeded to rise by 130% and 300%, respectively, taking their market capitalizations to $24 billion and $6.74 billion.