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Meme stocks GameStop and AMC tumble Tuesday on heavy trading volume

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AMCX

GME

A GameStop location in New York, Dec. 23, 2021.
Scott Mlyn | CNBC

This is a developing story. Check back for updates.

Meme stocks tumbled on Tuesday with huge trading activity in the shares.

GameStop dropped more than 9% with more than 6 million shares traded through 10:15 a.m. ET, already more than its 30-day average full-day volume of 4.6 million.

AMC Entertainment shares lost 3% with 76 million shares traded, already more than its 30-day average of 51 million.

The reason for the moves were not immediately clear, but both stocks are up big this month amid a broader comeback rally on Wall Street so some investors could be using that pop to take profits in the volatile shares.

There was a large block trade of GameStop at the open of trading on the NYSE, according to FactSet data. The NYSE briefly halted both stocks for volatility shortly after the open.

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