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GameStop Stock: Robinhood limits trades amid market volatility
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In duel with small investors over GameStop, big funds blink » Borneo Bulletin Online
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Why is GameStop stock going up? In duel with small investors powered by Reddit, big funds blink
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That pushed many professional investors to make bets that GameStop s stock will decline even further. In such bets, called short sales, investors borrow a share and sell it in hopes of buying it back later at a lower price and pocketing the difference. GameStop is one of the most shorted stocks on Wall Street.
But its stock began rising sharply earlier this month after a co-founder of Chewy, the online seller of pet supplies, joined the company s board. The thought is that he could help in the company s transformation as it focuses more on digital sales and closes brick-and-mortar stores. Its shares jumped to $19.94 from less than $18 on Jan. 11. At the time, it seemed like a huge move for the stock.
In duel with small investors over GameStop, big funds blink GameStop shares rose as high as $380 Wednesday morning, after sitting below $18 a few weeks ago. (Source: CNN) By Associated Press | January 27, 2021 at 3:11 PM EST - Updated January 27 at 8:17 PM
(AP) - Across most of America, GameStop is just a place to buy a video game. On Wall Street, though, itâs become a battleground where swarms of smaller investors see themselves making an epic stand against the 1%.
The funds serving the financial elite are starting to walk away in defeat. Big bets they made that GameStopâs stock would fall went wrong, leaving them facing billions of dollars in collective losses. All the wild action pushed GameStopâs stock as high as $380 on Wednesday, up from $18 just a few weeks ago.