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CNBC's "Mad Money" host Jim Cramer greeted GameStock Corp. (NYSE:GME) sellers for an early start on Thursday, after premarket data showed the meme stock was down by over 16%.
What Happened: On Thursday, Cramer reacted "Jeez I can’t believe how early these GME sellers get up," after the GameStop stock dropped over 16% in premarket trading.
He greeted them, saying, "Top of the mornin’ fellas!" expressing his excitement after the stock's fall on the second consecutive day. GameStop fell 18.87% on Wednesday.
Cramer had earlier warned investors against the meme stock mania, saying that stocks like GameStop wouldn't reach such elevated levels "on their own merits."
"But people are buying and selling these stocks at these exotic levels. At the end of the day, it's worth what they will pay for it," he said.
GameStop is a retail gaming and trade-in place for Microsoft Corp.'s Xbox, Sony's PlayStation, and Nintendo's games, consoles, accessories, and more.
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Why It Matters: Cramer’s post comes at a time when meme stocks are witnessing a significant downturn. Meme stocks, including GameStop, have been on a rollercoaster ride, with their prices soaring and plummeting in a matter of days.
On Wednesday, the stocks of GameStop and AMC Entertainment Holdings Inc. (NYSE:AMC) fell by over 20% after experiencing substantial gains earlier in the week. This has raised concerns about the sustainability of the meme stock rally.
Despite the volatility, Cramer’s post seems to suggest that there are still active traders in the market, even during the early hours.
Price Action: At the time of writing, GameStop shares were on a downward trend, dropping by 16.51% in pre-market trading on Thursday, according to Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photos courtesy: Shutterstock
