Check out the companies making headlines in midday trading: GameStop , AMC Entertainment — The so-called meme stocks retreated significantly after a two-day rally .
GameStop declined about 30%, while AMC dropped 20% as the trading frenzy seemed to fade.
The sell-off in AMC shares also came after the company announced a debt-for-equity swap.
Before Wednesday, GameStop and AMC were up 179% and 135% this week, respectively.
According to the firm, shares could benefit from Chinese government stimulus policy and Nio's latest battery as a service, or BaaS, strategy, which could drive sales, said the bank.
Persons:
Max, Morgan Stanley, JPMorgan Chase, Glenn Murphy, Cowen, Yun Li, Pia Singh, Michelle Fox, Alex Harring, Jesse Pound
Organizations:
GameStop, AMC Entertainment, AMC, Boeing, Justice Department, Dell Technologies, JPMorgan, Tesla, Management, New York Community Bancorp, Petco, Wellness
Locations:
Nio