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<ul class="summary-list"><li>Express dropped 25% on Thursday after the retailer said it plans to sell up to 15 million shares. </li><li>The clothing retailer told investors in an SEC filing that they could lose their money in its volatile stock. </li><li>Fellow meme stock AMC on Thursday sold 11.5 million shares. </li></ul><a href="https://markets.businessinsider.com/stocks/expr-stock">Express</a> sank Thursday on plans by the company to sell up to 15 million shares. The clothing retailer that's part of the group of volatile and so-called <keyword id="10688429" type="UNKNOWN" weightage="60" keywordseo="meme-stocks">meme stocks</keyword> favored by retail traders cautioned investors about potential losses. Express shares swung lower by as much as 25%, hitting an intraday low of $4.86 after the company said it could sell up to 15 million shares under an agreement with BofA Securities, according to a filing with the Securities and Exchange Commission. That amount would represent about 23% of Express's 64.97 million common shares outstanding. The "at-the-money" agreement would see sales take place from time to time at or near market prices. Express shares during Thursday's session pared their losses to 20%. "Significant fluctuations in the market price of our Common Stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums," said Express. It added: "The extreme volatility of the market prices and trading volume that our shares of Common Stock have recently experienced, and may continue to experience could cause purchasers of our Common Stock to incur substantial losses." Retail investors active on Reddit's WallStreetBets forum and other sites have defended shares of Express along with those in <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC Entertainment,</a> <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> and other companies against short-sellers. Express's warning to investors echoed that of AMC's on Thursday as the movie-theater chain outlined <a href="https://markets.businessinsider.com/news/stocks/amc-stock-price-slides-reddit-plans-share-sale-reddit-wallstreetbets-2021-6-1030491755">plans to sell up to 11.6 million shares</a>. AMC dropped sharply Thursday but a recent rally has contributed to the stock running up by more than 2,200% this year."Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment," <a href="https://markets.businessinsider.com/news/stocks/amc-warns-investors-lose-all-their-money-if-buy-stock-2021-6-1030492006">AMC said</a> in an SEC filing Thursday. Express shares, meanwhile, have rocketed up roughly 450% during 2021. The stock had been higher earlier Thursday after the retailer turned in a first-quarter adjusted loss of $0.55 per share, narrower than the adjusted loss of $0.58 expected in a FactSet poll of analysts.

Express sinks 25% as the retailer follows fellow Reddit favorite AMC in announcing new share sale

<ul><li>A controversial decision by brokerage firms to limit buying in certain high-flying <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> led to sizable intraday declines in so-called <keyword id="334157" type="COMPANY" weightage="60" keywordseo="Reddit">Reddit</keyword> darlings on Thursday.</li><li>Robinhood and Interactive Brokers took action to limit buying after an epic short-squeeze in <keyword id="363661" type="COMPANY" weightage="60" keywordseo="GameStop">GameStop</keyword> sparked by Reddit traders spilled over into a handful of other stocks.</li><li>Detailed below are the seven Reddit stocks that cratered on Thursday.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestrkets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener noreferrer">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>The epic short-squeeze in shares of <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> - sparked by <a href="https://markets.businessinsider.com/news/stocks/reddit-day-traders-wallstreetbets-gamestop-gme-rally-upending-stock-market-2021-1-1030009280">traders that frequent Reddit's WallStreetBets</a> - led to an <a href="https://markets.businessinsider.com/news/stocks/highly-shorted-stocks-soaring-reddit-wallstreetbet-traders-wall-street-2021-1-1030011346">investor mania that spilled over</a> into other heavily shorted stocks this week.<a href="https://markets.businessinsider.com/stocks/amc-stock">AMC Entertainment</a>, <a href="https://markets.businessinsider.com/stocks/bb-stock">BlackBerry</a>, and <a href="https://markets.businessinsider.com/stocks/bbby-stock">Bed Bath &amp; Beyond</a> are just a few of the stocks that have more than doubled in recent trading sessions as retail investors attempt to squeeze hedge funds out of their short positions.But on Thursday, several <a href="https://markets.businessinsider.com/news/stocks/robinhood-removes-gamestop-amc-reddit-wallstreetbets-fueled-stock-rally-gme-2021-1-1030015292">brokerage firms announced that they would restrict</a> its customers from buying shares of the high-flying stocks, and would only allow clients who currently owned the stock to sell, citing the recent volatility.Robinhood, Interactive Brokers, and WeBull were among the brokers to make the announcement. Margin requirements were also increased at a number of other brokerage firms."We continuously monitor the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> and make changes where necessary," Robinhood said in a <a href="https://blog.robinhood.com/news/2021/1/28/keeping-customers-informed-through-market-volatility" target="_blank" rel="noopener">press release</a>.Following the announcement, the Reddit darling stocks that were in the midst of a short-squeeze cratered, with some falling more than 60% in intraday trades.Amid Thursday's decline, Twitter's <a href="https://twitter.com/WSBChairman/status/1354833189521522691">@WSBChairman tweeted</a> to his more than half a million followers, "HOLD THE LINE!!! WE WILL NOT BEND THE KNEE."Detailed below are the seven Reddit darling stocks that are cratering in Thursday's trading session.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-expected-outperform-earnings-2022-morgan-stanley-2021-1" target="_blank" rel="noopener">MORGAN STANLEY: Buy these 17 stocks with strong earnings that are expected to outperform into 2022 even if the broader market sinks</a>1. GameStopTicker: <a href="https://markets.businessinsider.com/stocks/gme-stock">GME</a> Thursday's Decline: 68%<div type="image" title="gmeecharrt.JPG" height="652" width="842" msid="80518108" hostid="261"></div>2. AMC EntertainmentTicker: <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC</a> Thursday's Decline: 67%<div type="image" title="ammmc.JPG" height="652" width="838" msid="80518113" hostid="261"></div>3. BlackBerryTicker: <a href="https://markets.businessinsider.com/stocks/bb-stock">BB</a> Thursday's Decline: 47%<div type="image" title="bbbbbb.JPG" height="654" width="847" msid="80518117" hostid="261"></div>4. Express Inc.Ticker: <a href="https://markets.businessinsider.com/stocks/expr-stock">EXPR</a> Thursday's Decline: 64%<div type="image" title="exprrr.JPG" height="652" width="845" msid="80518121" hostid="261"></div>5. Bed Bath &amp; BeyondTicker: <a href="https://markets.businessinsider.com/stocks/bbby-stock">BBBY</a> Thursday's Decline: 43%<div type="image" title="bbbbyyy.JPG" height="644" width="841" msid="80518125" hostid="261"></div>6. Koss Inc.Ticker: <a href="https://markets.businessinsider.com/stocks/koss-stock">KOSS</a> Thursday Decline: 57%<div type="image" title="kossss.JPG" height="641" width="846" msid="80518128" hostid="261"></div>7. NokiaTicker: <a href="https://markets.businessinsider.com/stocks/nok-stock">NOK</a> Thursday Decline: 30%<div type="image" title="nokiaa.JPG" height="647" width="844" msid="80518132" hostid="261"></div>*Thursday's intra-day decline figures are based off of prices as of 1:04 p.m ET.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-sports-betting-picks-growth-industry-morgan-stanley-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">MORGAN STANLEY: Buy these 9 sports-betting stocks ahead of the industry's expected legalization in 12 states this year and its growth to $10 billion in 2025</a>

These 7 Reddit stock darlings are cratering as brokerages restrict buying in hot names

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Express sinks 25% as the retailer follows fellow Reddit favorite AMC in announcing new share sale

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These 7 Reddit stock darlings are cratering as brokerages restrict buying in hot names

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