$AMC Entertainment(AMC)$ $GameStop(GME)$ Shares of the theater chain AMC closed up 5.4% at $24.50, and video game retailer GameStop's shares were up about 7.9% at $147.69, helped short sellers gain more than $1.4 billion on their bearish bets against Meme stocks.
Those stocks have tumbled, with AMC down around 28% in the month-to-date and GameStop off nearly 25%.The estimated short interest at AMC increased to 19% of its free float from 16% at the end of November. GameStop short interest has shot up to 14% from 11% in the same period.
The losses in the two stocks come as some investors have grown more cautious over some comparatively risky assets amid worries over a new wave of COVID-19 and a more hawkish Federal Reserve.
After several years of strong stock market returns, some investors are getting a little worried about 2022 and thinking we're not going to have as great a year. Price up because when the market is falling apart, investors run to quality stocks.
GameStop posted a bigger-than-expected quarterly loss last week, while top executives at AMC reported large share sales, shaking some investors' faith in the stocks.
Worries that the Omicron variant of the coronavirus could hit theater attendance may also be weighing on AMC's stock,.Investor interest in the options on the two stocks has also dropped.
Will you follow the short seller's bet?
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