The return of Roaring Kitty, the X account associated with internet celebrity trader Keith Gill, has lifted shares in GameStop to a two-year high. But even before this week's rally, the struggling videogame retailer was trading at 700 times expected earnings.

The social media company and retail brokerage could both see increased activity from a return of meme stock trading.

After two big days of gains, GameStop shares are pulling back Wednesday in a notable way. The stock is off 20.4% in recent morning action after a volatility-related trading halt was lifted. If that loss carried through to the close,