BANG stocks take a hit after GameStop discloses regulators on investigating

Shares of so-called “BANG” stocks, which refers to some of the more popular meme stocks, dropped in premarket trading Thursday, amid concerns over increased regulatory oversight. Late Wednesday, GameStop disclosed in a quarterly filing that the Securities and Exchange Commission was investigating trading activity in its stock, and those of “other companies.” GameStop shares fell 6.1% ahead of the open, putting them on track to snap a three-day win streak in which they shot up 21.8% to $302.56 on Wednesday, the highest close since Jan. 29. The selloff comes despite the videogame retailer reported a narrower-than-expected fiscal first-quarter loss and sales that rose above forecasts. Among other “BANG” stocks, BlackBerry Ltd. fell 1.7%, AMC Entertainment Holdings Inc. slid 4.0% and Nokia Corp. shed 1.1%. Meanwhile, futures for the S&P 500 edged up 0.1%.

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