Journalists captured videos of Minnesotans breaking into and looting a number of popular brand stores on Sunday evening. GameStop, McDonalds, Foot Locker, Family Dollar and Sally Beauty Supply were all targeted, as police were seen protecting a Walmart. One video shows a Kids Foot Locker store with smashed up windows …
Read More »GameStop eyes sale of stock worth up to $1bn as it seeks to spur digital shift on the back of WallStreetBets rally
Though specific details on the timetable and amount of stock to be listed have yet to be determined, GameStop said it would use the proceeds to “accelerate its transformation” and improve its overall financial standing, among other things, the company said on Monday. The funds attracted through the potential sale …
Read More »‘The war continues’: Small investors up in arms after GameStop stock trades halted amid price surge & reports of Reddit outages
$GME was up by nearly 104 percent when trading stopped on Wednesday, more than doubling its value over the last 24 hours, but the surge was stopped in its tracks by a trading halt imposed some 15 minutes before markets closed. Observers online noted that while halts are typically short-lived …
Read More »GameStop: Incredible rally may not have been boosted by gang of rebel Redditors alone, analysts say
“Although retail buying was portrayed as the main driver of the extreme price rally experienced by some stocks, the actual picture may be much more nuanced,” JP Morgan global quantitative and derivatives strategy analyst Peng Cheng wrote this week, in a research note addressed to the bank’s clientele. The prevailing …
Read More »HBO becomes SEVENTH company to produce film on GameStop mania as Hollywood & Wall Street rush to cash in on ‘Reddit Rebellion’
HBO’s is the latest in a cascade of movies in the works on the notorious short squeeze, set to tap Blumhouse’s Jason Blum – typically known for low-budget horror offerings like ‘Paranormal Activity’ and ‘Sinister’ – for executive producer, Variety reported on Friday. Andrew Ross Sorkin is also executive producing. …
Read More »GameStop frenzy was ‘the most fun I’ve EVER had trading,’ entrepreneur tells Boom Bust
“I don’t think this is wrong at all. I got ‘diamond hands,’ just like all the Reddit people out there on WallStreetBets,” says the founder of The 10 Minute Stock Trader Chris Uhl, adding: “This is got to be the most fun I’ve ever had trading, ever.” According to him, …
Read More »GameStop’s last stand? Reddit-fueled stock boom winds down as much-memed stock dips below $100
GameStop (GME) dropped as much as 60 percent on Tuesday, dipping below $100 as the Wall Street and mainstream media measures aimed at ‘stabilizing’ the frenzied trading of the past week began kicking in. Retail traders have been unable to use the popular app Robinhood to trade GME and a handful …
Read More »Robinhood is ‘toast’ after GameStop fiasco, says real-life Wolf of Wall Street Jordan Belfort
“Originally, I understood it because they do have liability for sure. But what they did by completely eliminating buying, that was a bit of a red flag to me that there might be some other more nefarious things involved, like getting pressure from the people who are short,” Belfort said …
Read More »Robinhood narrows trade restrictions list to 8 companies, including GameStop
Companies that still face limitations include GameStop, AMC Entertainment Holdings, Blackberry, and others, Robinhood said, noting that the limits may be “subject to change throughout the day.” Opening new positions in those securities is limited, according to its website, which lists the maximum number of shares and options contracts each …
Read More »Melvin Capital loses 53% in January over bet against GameStop thanks to Reddit buying spree – reports
Despite the loss, Capital received fresh cash from investors by the end of January after taking heavy losses due to the unexpected and record stock gains for companies like GameStop, according to a source cited by Reuters. Melvin started January with $12.5 billion in assets, but is closing out the …
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