The phrase “meme stocks” is a bit disrespectful, Josh Brown, CEO of Ritholtz Wealth Management, said Friday in CNBC’s Fast Money Halftime Report.
GameStop Corp. (NYSE: GME) has 17,000 full or part-time employees and AMC Entertainment Holdings Inc. (NYSE: AMC) has over 1,000 theaters that attend over 250 million Americans over a year, Brown said.
These are not “meme” companies but real companies, he said, adding that AMC Entertainment can be considered a reopening game.
Although there is a lot of speculation about these stocks, there are also fans of the companies looking to invest in them, Brown told CNBC.
Being on Reddit and being a serious investor are not mutually exclusive, he said.
Brown said he wasn’t sure if speculation in the stocks “will outperform fundamentals”.
In the case of AMC Entertainment, CEO Adam Aron took the excitement and used the rise in its share price to improve the basic story of the company, Brown said.
“There are real results from this speculation that we all deride that are actually good results for these companies,” he told CNBC.
Investors in these stocks owe a little more respect than the financial media, he told CNBC.
AMC, GME price promotion: AMC Entertainment was trading at $ 36.72 and $ 1.91 over a 52-week period.
GameStop traded up to $ 483 and up to $ 3.77 over a 52 week period.
At the last check on Friday, AMC Entertainment fell 2.07% to $ 25.97 and GameStop fell 11.52% to $ 224.85.
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