GameStop starts split-adjusted trading with a near 2% gain

Shares of GameStop Corp. GME, -6.74% rallied 1.9% in premarket trading Friday, which implies a price of just above $39 as the videogame retailer and “meme” stock has started trading on a split-adjusted basis. The split was first announced in March, and the 4-for-1 ratio for the split was announced on July 6. Just ahead of the split taking effect, the stock had tumbled 12.1% to a split-adjusted close of $38.37 on Thursday, after it soared 35.2% since the split ratio was announced through Wednesday. The stock has gained 8.4% over the past three months through Thursday, while fellow meme stock AMC Entertainment Holdings Inc. AMC, -8.82% has tacked on 2.9% and the S&P 500 SPX, -0.93% has lost 6.4%.