GameStop and AMC shares have experienced significant declines following a brief rally influenced by the return of the trader known as 'Roaring Kitty'. GameStop's stock dropped 30% on Wednesday, closed 19% lower, and continued to plummet in pre-market trading on Thursday, extending losses to over 55% from the week's high. AMC shares similarly fell by 24.89%. The decline was exacerbated by GameStop's announcement of preliminary first-quarter net sales between $872 million and $892 million, below the expected $1.05 billion, and a mixed-shelf offering to potentially sell up to 45 million shares. The market reaction reflects waning enthusiasm for meme stocks, as the initial excitement over 'Roaring Kitty's return fades. GameStop and AMC drove $5 billion in trades on Robinhood in a single day.