GameStop, AMC surge as 'meme stocks' rally returns; GameStop may enter NFT market

Update 10:52am: Updates shares, adds GameStop possibly entering NFT market.The "meme stocks" are back showing strength with GameStop (GME) shares up 13% and AMC Entertainment (AMC) is up 12%. The companies are popular on Reddit's WallStreetBets forum and Twitter.GameStop's move also may be related to it potentially entering the non-fungible token or NFT market after traders were passing around a web site called nft.gamestop.comThe web site appears to be advertising for engineers, designers, gamers, marketers and community leaders.Separately, B. Riley downgrades AMC from Buy to Neutral with a $16 price target citing the lofty valuation, though the firm remains confident in the company's 2022-23 box office recovery and opportunity to pick up more market share.Last week, #AMCSqueeze was trending on Twitter, calling attention to the company's nearly 20% short float.