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General Counsel Mary Manos resigns, following other departures New interim exec-chair Coonan promises ‘root and branch’ change (Recasts and adds exec-chairman comments)
Feb 18 (Reuters) - Australia’s Crown Resorts Ltd new executive chair on Thursday sought to reassure investors that the beleaguered casino operator’s worst days were behind it, after an inquiry accused it of widespread money laundering and governance issues.
Announcing its first half-year loss in over a decade due to intermittent COVID-19 lockdowns that hurt its operations, and another executive departure, interim chairwoman Helen Coonan said she was committed to “driving the necessary ‘root and branch’ change” required.
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(Reuters) - The U.S. Securities and Exchange Commission waded into the battle between small investors and Wall Street hedge funds on Friday, warning brokerages and social-media traders it was on alert for any wrongdoing in this week’s roller-coaster trade.
GameStop shares rallied again, awarding retail investors the advantage in the latest round of their week-long slugfest against major financial institutions that had shorted the video game retailer.
The so-called “Reddit rally” has inflated stock prices for GameStop and other previously downtrodden companies that individual investors championed on social media forums such as Reddit’s Wallstreetbets, which has almost 6 million members.
WRAPUP 2- We love this stock : GameStop effect spreads as calls for probe build Reuters 1/28/2021
(Adds comments; updates with U.S. premarket moves)
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By Sagarika Jaisinghani and Shriya Ramakrishnan
Jan 28 (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 joining a list of social-media hyped moves that have cost financial institutions billions of dollars.
Heavily shorted Australian shares, including Webjet and Tassal Group, climbed more than 5% even as Sydney s benchmark ASX 200 index fell 2%.
In New York, GameStop, the video game chain at the heart of the slugfest between Wall Street and Main Street, added another 37% in early trading after a two-week, 1,700% surge that has hammered fund investors who were betting the stock would fall.
GameStop slugfest spreads as calls for investigation mount
By Reuters
By Sagarika Jaisinghani and Nikhil Nainan
Washington - 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.