The GameStop saga feels like class warfare, and it’s far from over

{ object.primary_image.title }}

The run on GameStop stock is fueled by some of the same populist rage that has spurred people to political action on social networks. None of this could have happened 30 years ago, in pre-internet times. A group of small investors on a subreddit called r/WallStreetBets banded together to buy stock in gaming retailer GameStop. They hoped that together they could elevate the stock price so that short sellers , including hedge funds and institutional investors, would ultimately lose money. Read Full Story

More

Calls for congressional hearings grow as Robinhood and other brokerages restrict GameStop trades

{ object.primary_image.title }}

Both Democrats and Republicans expressed concern over recent moves by trading platforms, which say they are acting in the interests of users. GameStop’s astounding saga captivated America this week, as it rocketed to new heights fueled by starry-eyed retail investors from Reddit’s WallStreetBets. The video-and-computer-game vendor’s stock soared from $40 per share in mid-January to, at one point, $470 per share this Thursday. Read Full Story

More

Robinhood now lets anyone trade GameStop and AMC again, but will Redditors come back?

{ object.primary_image.title }}

Has Robinhood’s actions left Redditors feeling too burned? Only time will tell (and, perhaps, the direction of GameStop’s share price today). Redditors rejoice! Robinhood is once again allowing anyone to trade shares of any stocks, including GameStop and AMC, reports CNBC. The company had restricted the trading last week of certain hot stocks like GameStop and AMC. The limits were put in place after those shares surged in price thanks to massive interest generated from Reddit users on the message board WallStreetBets. Read Full Story

More

GameStop CEO To Step Down, Shares Soar Again

{ object.primary_image.title }}

GameStop Corp. (NYSE:GME) stock jumped by about 10% in early trading after the company announced that CEO George Sherman would step down by July 31. Meanwhile, a key Reddit influencer doubled down on his bet on Friday instead of taking a quick profit on the brick-and-mortar video game retailer. Q1 2021 hedge fund letters, conferences […]

More

NYSE Buzz: What to know about the new ETF that tracks hot stocks on social media

{ object.primary_image.title }}

Powered by artificial intelligence, a new exchange-traded fund was developed to trawl social media, news articles, and blogs. After video game retailer GameStop’s quadruple-digit, Reddit-driven rally caught institutional investors completely off guard in January, Wall Street is adding a new weapon to its arsenal: An exchange-traded fund that tracks stocks heating up on social media. Read Full Story

More

How to prevent the next GameStop disaster

{ object.primary_image.title }}

If there’s a villain in the GameStop saga, it’s the federal regulators who failed to notice the world was changing and didn’t bother to update the rules. The mind-numbing inanity of last week’s GameStop hearing on Capitol Hill was just as predictable as the worthless result. Of course members of both parties wanted in on the media frenzy surrounding Robinhood and WallStreetBets, the Reddit forum where thousands of amateur investors mounted a historic campaign to pump (and dump) the stock of a left-for-dead video game retailer. Talking heads on CNBC were alarmed, and so the House Financial Services Committee ordered hearings, subpoenaed witnesses, and played for the cameras at every turn. By the end of last Thursday’s spectacle, the consensus was clear: We learned absolutely nothing. Read Full Story

More

How Robinhood turns stock trading into a game that it always wins

{ object.primary_image.title }}

Robinhood invites new players to investing, but its interface doesn’t necessarily help them make money. When a group of Redditors rallied together to buy up beleaguered GameStop and AMC stocks, they sent each company soaring against all market expectations. AMC in particular was able to wipe away $700 million in debt , rescuing the movie chain from certain bankruptcy. While many of the other gains may be short-lived, there’s no doubt history was made in a meme-fueled collective investment maneuver that will be studied and debated for years to come. Read Full Story

More

Subscribe to our newsletter

Join our newsletter and never miss out trending marketing news.

HitcountVariables(pk=14989, ajax_url='/api/hit/ajax/', hits='3')