cast
GameStop Slugfest Spreads As Calls For Probe Build
GameStop Slugfest Spreads As Calls For Probe Build
Via Reuters:
The battle between small-time traders and hedge funds that has shaken U.S. and European stock markets moved into Asia on Thursday, with surges in several Australian companies squeezing another batch of financial institutions that have bet on the stocks falling.
In Europe, where the trend has already shown up in a jump in the value of Finnish technology company Nokia Oyj, shares in the video game chain at the centre of the U.S. action, GameStop, dipped 16%.
That move, roughly in line with an overnight fall in New York and derivatives market changes, suggested at least a pause in a dramatic rally that has seen GameStop jump as much as 1,700% in two weeks and fund investors lose billions.
Driven by an army of small, individual investors who work through online brokerage apps like Robinhood.com and discuss stocks on anonymous social media messaging boards, the stock surges drew more calls for regulatory investigation from analysts and commentators on Thursday.
“With small investors swarming over heavily shorted stocks in what looked like a coordinated move, the frenzy raises all sorts of questions with respect to possible market manipulation,” said Michael Hewson, chief market analyst at retail broker CMC Markets UK.
“It is already illegal for institutions to coordinate in the manner currently being seen in moving prices on these stocks, raising questions about the legality of what is currently taking place right now on these forums.”
In the United States, the WallStreetBets forum on Reddit that is seen as having fuelled the rallies briefly closed its doors on Wednesday as membership jumped past 4 million.
“We have grown to the kind of size we only dreamed of in the time it takes to get a bad night’s sleep,” read a message from the group’s moderators after it reopened.
“We’ve got so many comments and submissions that we can’t possibly even read them all, let alone act on them.”
Reddit said on Wednesday that it had not been contacted by authorities over the surges.
Heavily shorted Australian stocks Webjet, Tassal Group, Inghams Group Ltd and InvoCare all climbed on Thursday, while Sydney’s benchmark ASX 200 index fell 2%.
British publisher Pearson, drugmaker Evotec and commercial property firm Unibail-Rodamco, all big gainers in the past week, dipped in early deals.
GameStop’s U.S.-listed shares swung between small gains and losses in volatile premarket trading, while AMC, BlackBerry and Nokia all slipped more than 14% after recording hefty gains this week.
Read the rest of the article here
What Is The Crusade Channel?
The CRUSADE Channel, The Last LIVE! Radio Station Standing begins our LIVE programming with our all original CRUSADE Channel News hosted by 28 year radio ace, Stacey Cohen. Coupled with Mike “The King Dude” Church entertaining you during your morning drive and Rick Barrett giving you the news of the day and the narrative that will follow during your lunch break!
We’ve interviewed over 200 guests, seen Brother Andre Marie notch his 200th broadcast of Reconquest; the The Mike Church Show over 1200 episodes; launched an original LIVE! News Service; written and produced 4 Feature Length original dramas including The Last Confession of Sherlock Holmes and set sail on the coolest radio product ever, the 5 Minute Mysteries series! We are the ONLY outlet to cover the Impeachment of President Trump from gavel to gavel!
Now that you have discovered The Crusade, get 30 days for FREE of our premium service just head to:
OR download our FREE app:
https://apps.appmachine.com/theveritasradionetworkappIti-
Did you know about GameStop? If you are interested in supporting small business, be sure to check out the official store of the Crusade Channel, the Founders Tradin Post! Not to mention our amazing collection of DVD’s, Cigars, T-Shirts, bumper stickers and other unique selection of items selected by Mike Church!
Post comments (0)