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GameStop frenzy: GameStop reignites meme stock frenzy with a $7 6 billion surge

By Katie Greifeld, Sarah Ponczek, Paul Jarvis and Bailey Lipschultz GameStop Corp. soared in premaket trading Thursday as retail investors revived the surge in Reddit-favorite stocks, putting it on pace to reap $7.6 billion in market value over two days. The video-game retailer rose as much as 83% to $168 in New York. Among other favorites of traders populating Reddit forums, AMC Entertainment Inc. advanced 12% premarket after gaining 59% in the first three days of the week, while Koss Corp. surged 78%. Nokia Oyj, also a favorite of the meme crowd, climbed 7.7% in Europe, and BlackBerry Ltd. added 5.3% in early trading. The surge was spurred by a final-hour rally on Wednesday that brought GameStop its biggest advance since Jan. 29, the day Robinhood Markets restricted trading in it and 49 other stocks at the height of the frenzy. An equally weighted Bloomberg basket of those rose more than 5%, the most since late January. The activity inflated trading volumes in the meme stocks an

New yorkUnited statesKatie greifeldSarah ponczekNeil wilsonJim bellPaul jarvisReddit wallstreetbetsBailey lipschultzRyan cohenNokia oyjGamestop corpDick sporting goods incSundial growers incBlackberry ltdKoss corp

Robinhood or Sheriff of Nottingham? Conflicts of interest in the GameStop affair

© Getty Images Washington’s attention has rightfully turned to the trading frenzy in GameStop and other stocks through the newly popular retail trading app Robinhood. The popular uprising on social media manifests as massive bubbles in company stocks despite bleak earnings prospects for those investments. During the recent trading frenzy, Robinhood and other retail facing apps temporarily suspended traders’ ability to place buy orders, something with very little precedent, in GameStop and other select stocks. That decision caused an uproar that has led Washington politicians to take notice. The first congressional hearing is scheduled for Feb. 18. The policy discussion has become noisy as both political parties retreat to comfortable talking points before gaining a full appreciation of the problem.

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Selling the stock market short

Given recent events with GameStop, it is fair to question whether the stock market is performing its social functions.

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Dow Sinks 600 Points as Wall Street Gripped by GameStop Frenzy

Stocks Tumble as Wall Street Gripped by GameStop Trading Frenzy TheStreet 1/29/2021 © TheStreet Stocks Tumble as Wall Street Gripped by GameStop Trading Frenzy Stocks finished sharply lower Friday amid the continued retail-trading frenzy on Wall Street, and the S&P 500 was on track to post its biggest weekly decline since October. Popular Searches An announcement from Johnson & Johnson that its single-shot coronavirus vaccine was 66% effective in a large late-stage trial did little to stem the losses in equities. The health-care giant s stock fell 3.6%. The Dow Jones Industrial Average finished down 622 points, or 2.03%, to 29,981, the S&P 500 dropped 1.93% and the Nasdaq was down 2%

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Stocks End Higher as Wall Street Looks Past Weak Tech Reports, GameStop Frenzy

Stocks End Higher as Wall Street Looks Past Weak Tech Reports, GameStop Frenzy TheStreet 1/28/2021 © TheStreet Stocks End Higher as Wall Street Looks Past Weak Tech Reports, GameStop Frenzy Stocks finished higher on Thursday as investors took comfort in a dip in weekly jobless claims and looked past disappointing tech earnings and the mania surrounding heavily shorted names such as GameStop . The Dow Jones Industrial Average finished up 300 points, or 0.99%, to 30,603, the S&P 500 rose 0.98% and the Nasdaq rose 0.5%. Apple posted stronger-than-expected fiscal-first-quarter earnings and quarterly revenue of more than $100 billion for the first time. But the stock ended 3.5% lower after the iPhone giant issued a cautious outlook.

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