GameStop leads meme stocks higher

Yahoo Finance Live's Jared Blikre breaks down how meme stocks are moving in intraday trading.

Video Transcript

JARED BLIKRE: Well, we've got to shift gears because meme stocks getting a lift, with GameStop leading the way. And that's after the company announced its plan for a four-for-one stock split. And let's go to the YFi Interactive and chart the meme space here because this is something I haven't seen in quite a long time. I'm going to point out that GameStop is actually our number one trending ticker. And we also got some news on Bed, Bath-- or Bed, Bath & Beyond. And we also got some news on Virgin Galactic.

So here's GameStop. This is a one-year chart. And let me put a two-year chart so we can get back to the original GameStop phenomenon. And you can see here, this is a massive, massive consolidation. I'm not suggesting that it has to hold because consolidations never do, but we not necessarily to the breakout point just yet. So you take the current price, $126. We're going to look at a stock that's probably $30 to $40 in the meantime, in a couple of weeks when the stock split takes effect.

So Bed, Bath & Beyond, I think there's some insider buying going on there at the C-suite. And then also Virgin Galactic, I haven't taken a look at that one in a while. That stock, well, you can see that got some meme play not only in January, but also in June, July of that year. And they are partnering with Boeing on their next generation of spacecraft.