Shares of GameStop Corp.
GME,
ran up 20% on Wednesday to end at $16.25, their best since Sept. 29, as the original “meme” stock continued to get a boost from aggressive bets by options traders. The consumer electronics and videogame retailer’s stock shot up 13.3% on Tuesday, a day after it closed at the lowest price ($11.91) since Feb. 23, 2021, as investors bet heavily on options that would pay off if the stock doubled following quarterly results due out on Dec. 6. The stock’s two-day gain of 36% is the biggest since it rocketed 41.5% in the two days ended March 22. The stock has still lost 14.7% over the past three months while the S&P 500
SPX,
has gained 1.7%.
