GME Vs. AMC: The Only Meme Survivor With A Real Turnaround Plan
The meme-stock mania that once rattled Wall Street now feels like ancient history — and as GameStop Corp (NYSE:GME) heads into third quarter earnings after the bell Tuesday, the contrast between the original meme twins has never been sharper. GameStop appears to be the only survivor with a credible turnaround path, while AMC Entertainment Holdings Inc (NYSE:AMC) continues to battle structural problems that no hype cycle can fix.
- Track GME stock here.
Balance Sheet Reality
Both companies began the meme era facing existential risk, but the road since has forked dramatically. AMC has relied on constant financial engineering — dilution, reverse splits and restructurings — just to stay afloat, leaving shareholders exhausted and the stock down sharply over the past year.
GameStop, under CEO Ryan Cohen, has gone in the opposite direction, prioritizing cost cuts, operational discipline and balance-sheet strength instead of moonshot narratives.
Cohen's approach rejects theatrics by design. "Actions speak louder than words," he told investors, emphasizing profitability and longevity over flashy promises.
Read Also: GameStop Trade Anything Day Could Ignite Stock Ahead Of Earnings
The Charts Don’t Lie
Chart created using Benzinga Pro
The divergence is clear in the technicals. GameStop trades around $23, above its eight-day, 20-day and 50-day moving averages, with MACD (moving average convergence/divergence) positive and RSI (relative strength index) near 61, suggesting real accumulation. The key test is the 200-day SMA at $24.46 — a breakout that could trigger a trend shift if earnings show stability rather than hype.
Chart created using Benzinga Pro
AMC tells the inverse story. Trading near $2.27, the stock sits below all major moving averages, with MACD negative and RSI around 43, signifying persistent distribution and bearish sentiment.
The Q3 Earnings Moment
Expectations for GameStop are deliberately restrained — 20 cents EPS on $987 million revenue — but the quarter is less about beating numbers and more about proving Cohen's quiet rebuild is working. With sentiment washed out and technical support firming, even modest progress could matter.
GameStop isn't promising miracles. It's trying to prove competence. And in the post-meme era, competence may be the rarest trade of all.
Read Next:
Image created using artificial intelligence via Gemini.