GameStop Bubble Deflates Again, Pushing Weekly Collapse Past 80%
- Video-game retailer tumbles to close at two-week low
- Small drug developers take chat-room spotlights and surge
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GameStop Corp. capped another day of heavy losses, pushing its collapse past 80% this week as retail traders flocked to other corners of the stock market such as small drug developers.
The video-game retailer tumbled 42% on Thursday to $53.50, erasing nearly $30 billion in market value. Trading volume picked up after a slow start, with 60 million shares exchanged after selling accelerated throughout the session. The losses continued in after-hours trading, with the stock down 5.5% at 5:22 p.m. New York time.