For a while, I thought the GameStop (NYSE:GME) meme stock story had hit peak meme when someone re-wrote the words to sea shanty “The Wellerman” to refer to the video game retailer. But the meme had barely begun to peak, as first came the best-selling book, and then came the movie. “Dumb Money” is the name, and it’s due in theaters next weekend. GameStop itself even managed to gain nearly 3% in Tuesday morning’s trading session.
“Dumb Money” takes its cues from the book by Ben Mezrich, which follows the meme trades of the pandemic era, including not only GameStop but also AMC Entertainment (NYSE:AMC), the now-largely-defunct Bed, Bath & Beyond, and more. “Dumb Money,” however, will focus primarily on GameStop and offer up a little more in-depth commentary about what happened therein. Early reviews suggest the movie is sound enough entertainment while also offering a better look under the hood at one of the weirdest financial movements in a lifetime.
Some are starting to wonder if a reminder of the meme stock craze will fuel any more unusual excesses that might result in best-selling books and movies from there. However, the investing landscape today is significantly different. Leaving aside the more sedate crazes for cannabis stocks or AI stocks, the stimulus checks that fueled the meme stock craze are now largely out of the picture. As a result, we’re only left with a fond look back and, perhaps, more reasonable investing.
GameStop, meanwhile, may have gained today, but those gains will need to climb more to reverse its recent losses. A look at the last five trading days for GameStop stock shows that it’s been down-trending, though the news about the GameStop movie sent shares briefly vertical in a rally. Most of those gains, however, were subsequently lost.
