GameStop shares drop 60% as frenzied rally loses steam

GameStop shares have fallen 60% in a further reversal of the recent blockbuster gains that grabbed people’s attention far beyond Wall Street. The stock’s drop Tuesday was the worst yet for the stock and follows a 31% decline a day earlier. The video game retailer’s stock shot up an eye-popping 1,600% in January following a social-media led campaign to boost the price at the expense of big Wall Street funds who were betting on a decline. The sudden swoon this week could dash some investors’ hopes of cashing in big.