By Medha Singh
(Reuters) - Meme stock GameStop Corp jumped nearly 50% in early trading on Wednesday as the video game retailer's first profitable quarter in two years squeezed bearish investors and ignited a surge in other stocks popular among retail traders.
AMC Entertainment Holdings Inc gained 5.3%, while Bed Bath & Beyond rose 7.5%. Both shares, along with GameStop, were at the heart of a meme stocks frenzy in 2021 driven by small investors coordinating on social media.
Among other stocks popular with retail investors, Koss Corp climbed 9.5%, while the Roundhill MEME ETF rose 4.2%.
Grapevine, Texas-based GameStop, in which billionaire investor Ryan Cohen holds a majority stake and serves as chairman, recorded a 16% decline in costs during the quarter and surprised Wall Street analysts with a profit.
