GameStop Shares Collapse to More Than 40%

Video game retailer "GameStop" retreated in pre-opening trade on Tuesday, extending to Monday's big drop.

The stock fell 41% to lose about $92, which closed last Sunday’s trading at its highest levels near $350.

The small traders' uprising did not prevent hedge funds that ultimately bet on the stock's decline, after leading US exchange company CME imposed additional margin requirements on traders.

The percentage of GameStop shares being loaned out, fell to less than 28% of the shares outstanding on Monday, down from a monthly peak of 81% nearly two weeks ago, according to data from IHS Markit.

For AMC, it has fallen below 12%, nearly two-thirds of the level it was on January 20.

Last week, GameStop shares more than doubled to $347.51 and were up more than 400%. AMC, besieged by the coronavirus pandemic and stay-at-home measures, quadrupled to $19.90 a share.