GameStop stock soars on the day, but suffers a big, first weekly loss since the trading frenzy started

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Shares of GameStop Corp.
GME,
+19.20%
soared 31.8% in morning trading Friday, but have suffered a big loss on the week, the first since the trading frenzy in the heavily shorted videogame and consumer electronics retailer started about a month ago. The has plunged 78.3% this week, after skyrocketing 1,737.2% over the previous three weeks. The stock has now shed 79.7% since closing at a record $347.51 on Jan. 27. Meanwhile, shares of AMC Entertainment Holdings Inc.
AMC,
-3.67%,
which were also caught up in the apparent short squeeze, bounced 3.1% on Friday after tumbling 21.0% on Thursday. The movie theater chain’s stock, which was headed for a 44.9% loss this week after soaring 277.8% the previous week, was now trading 63.3% below the Jan. 27 close of $19.90, which was the highest closing price since October 2018. Over the past three months, GameStop shares have rallied 515.7% and AMC’s stock has gained 197.1%, while the S&P 500
SPX,
+0.39%
has tacked on 10.7%.

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