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Meme stocks made headlines this week as heavy trading activity in GameStop (GME), AMC Entertainment (AMC), and other stocks drew speculation of a meme stock resurgence. 

GameStop and AMC Entertainment shares soared to start the week on Monday and Tuesday, sparked by the online return of Keith Gill, a key figure in the meme stock craze of 2020 and 2021. However, both stocks reversed course Wednesday and continued to fall through Friday's close.

Despite dropping sharply Wednesday through Friday, both stocks posted gains for the week, with GameStop shares finishing 27% higher for the week at $22.21, and AMC registering a gain of 51% at $4.40 as of Friday's close.

The term gained popularity in 2020, when an online group of retail traders flocked to buy GameStop shares after a YouTube video went viral from a user named Keith Gill, also known by his online persona "Roaring Kitty." The video detailed a path for GameStop's stock price to rise to $50 from $5. Gill and activist investor Ryan Cohen, who eventually became GameStop's CEO, led a collection of retail traders largely from the r/WallStreetBets subreddit group to buy and hold GameStop shares.

Because of perceived weaknesses in the business models of GameStop and AMC as movies and video games had shifted to the digital space, a number of large hedge funds took up large short positions on the stocks, effectively betting that the companies would fail.

Gill, Cohen, and the group of retail traders believed that the higher they drove the share prices, the more financial pain they could cause to the multibillion-dollar hedge funds. By driving shares higher, they could squeeze the funds out of their short positions, forcing them to buy shares to cover their losses, driving the stocks even higher.

A number of other stocks have also achieved meme stock status, with retail investors rallying to support struggling businesses like Tupperware Brands (TUP), BlackBerry (BB), and Bed Bath & Beyond as well.

At the peak of the meme stock frenzy in 2021, GameStop shares reached highs over $80, and AMC above $300. However, GameStop, AMC, and many other meme stocks weren't able to hold those levels for long. Gill stepped back from public life in June 2021, the hype around GameStop and AMC eventually faded, and despite the recent surge in interest, GameStop and AMC haven't reclaimed their 2021 highs.

Sunday evening, Gill made his first post to social media in nearly three years, and has followed up with dozens of posts since. Many of the posts used quotes from a variety of TV and movie scenes alluding to his return after an extended absence.

In the first morning of trading after Gill's return, GameStop shares soared, with activity levels leading to a number of trading halts. AMC shares followed, with some other meme stocks such as Tupperware and BlackBerry rising to a lesser extent.

However, Vanda Securities analysts noted that inflows into GameStop and AMC on Monday and Tuesday were "a fraction" of the levels seen at the peak of meme stock mania, and expressed skepticism of whether the latest meme stock hype could lead to a repeat of 2021. They suggested hedge funds and other institutional investors are also likely better prepared now than they were in 2021.

Ihor Dusaniwsky of S3 Partners wrote in a Tuesday note that while "a significant amount" of short sellers could be squeezed out of their GameStop and AMC positions, another wave will likely follow them to bet on the stocks falling like they did following the 2021 spikes.

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The Nigerian Army authorities have dismissed three soldiers who were arrested by the police for armed r%bbery and kidn@pping.

The suspects: LCPL Abdul Musa, CPL Innocent Okwoli and CPL West Isaac, were last month arrested by policemen during an operation with some civilians.

They were then handed over to the army authorities for own investigation, as per SaharaReporters.

Consequently, the soldiers were charged, tried, found guilty and subsequently dismissed from service in line with the provision of the Armed Forces Act Caps A20, Laws of the Federation of Nigeria, 2004.

According to military sources, “The soldiers were arrested by men of the Nigerian Police Force for the offence of armed r%bbery and kidn@pping. After their arrest, the police handed them over to the army authorities for own investigation.

During the course of investigation, it was observed that the soldiers were perpetual crim+nals who always r%bbed trucks and diverted goods being carried to a wearhouse where they do sell them.

They also kidn@pped these drivers and others, they always carry out these operations alongside some civilians.

Furthermore, they were summarily tried and  dismissed and were also handed over to the police as the offences they committed were pure civil related offences for further investigation and prosecution.”

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Major U.S. equities indexes were mixed to close out a trading week that saw all three market gauges pop to all-time highs amid renewed optimism about interest rate cuts.

The S&P 500 edged 0.1% higher on Friday, ending the week just a few points shy of the record closing high it reached on Wednesday. The Dow added 0.3% to log a new record and notch its first close in history above 40,000 points. The Nasdaq ended Friday with a minimal loss of less than 0.1%.

Valero Energy (VLO) shares jumped 4.8%, marking the S&P 500's top performance on Friday. Although Argus downgraded the oil refiner's stock to "hold" on Thursday, citing a likely slowdown in profit growth for the refining sector in the second half of 2024, the analysts recognized Valero as a top player in the industry, noting the company benefits from scale, portfolio diversification, and a first-mover advantage in renewable diesel fuel.

Shares of copper and gold miner Freeport-McMoRan (FCX) gained 4.2%. Copper prices popped to record highs this week, with expectations for strong demand from data centers. Friday's gains lifted Freeport shares to a 52-week high.

Chubb (CB) shares added 3.6% on Friday, extending gains posted in the previous session after Warren Buffet's Berkshire Hathaway (BRK.A) disclosed it had accumulated a $6.7 billion stake in the property and casualty insurer. Berkshire began buying Chubb shares last year but received permission from the Securities and Exchange Commission (SEC) to keep the position confidential for a limited period.

Paramount Global (PARA) shares tumbled 4.9%, making the stock the weakest performer in the S&P 500 for the second day this week after it suffered an even steeper decline on Tuesday. The decline on Friday came amid reports that Paramount's board of directors is exploring options to replace CEO Bob Bakish with a committee of executives that would oversee the company as it continues to negotiate a potential sale.

Shares of Dollar Tree (DLTR) and Dollar General (DG) fell 3.3% and 3.0%, respectively. Both discount retailers were coming off a strong day of trading on Thursday, buoyed by strong earnings results from rival Walmart (WMT). However, they gave back those gains in Friday's session. Challenges for discount store operators include inflation-weary consumers tightening their spending and losses from shoplifting.

Shares of semiconductor equipment firm Lam Research (LRCX) sank 3.3%, reversing gains posted earlier in the week after Jefferies analysts initiated coverage of the stock on Monday with a "buy" rating. Although Lam Research maintains a top position in the tech market that should underpin demand from the world's largest chipmakers, it faces significant charges related to restructuring initiatives and business process improvements.

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A boy has refused to go to school after his grandma bought him a designer shoe.

The boy is refusing to go to school because of the school shoes that Grandma bought for him.

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