W.R. Grace (GRA)
40 North Management revealed a 14.9% interest in W.R. Grace, equal to 9,865,008 shares of the maker of specialty chemicals. On Nov. 9, 40 North offered to take W.R. Grace private for $60.00 cash per share. That offer was rejected by W.R. Grace’s board, and prompted 40 North to raise its bid to $65.00 per.
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GameStop soars 23% as short-squeeze rally charges into 2nd day
Ben WinckJan 14, 2021, 20:59 IST
Mairo Cinquetti/NurPhoto/Getty Images
GameStop soared as much as 22.8% on Thursday as more short-sellers closed positions and ran for the exit.
The company s Monday announcement that it would add activist members to its board kicked off a rally that s left shareholders cheering and squeezed shorts out of their bearish bets.
The scale to which short-sellers were targeting
GameStop likely exacerbated the squeeze. Short interest in GameStop shares reached 135% on January 5, according to S3 Partners data.
The leap comes after the video-game
retailerscored a 57.4% gain on Wednesday that pushed shares to their highest level since August 2016.
GameStop rips 93% higher as board-overhaul rally enters 3rd day
Ben WinckJan 13, 2021, 23:51 IST
People line up outside GameStop in Herald Square as the city continues the re-opening efforts following restrictions imposed to slow the spread of coronavirus on December 12, 2020 in New York City.Noam Galai/Getty Images
GameStop exploded as much as 93% higher on Wednesday as investors continued to make bullish bets on the retailer s new board of directors.
The company agreed with activist investor RC Ventures on Monday to add three new members to its board, including Chewy founder
Ryan Cohen.
The move pushed shares 12.7% higher on Monday and drove a modest gain the following session.
Short sellers of
GameStop stock just got squeezed. Shares of the videogame retailer spiked nearly 94% on Wednesday, though the gain shrank to about 57% through the market’s close.
In an email to
Barron’s, S3 Partners’ Ihor Dusaniwsky pointed to optimism following news on Monday that Chewy co-founder Ryan Cohen and two other former Chewy executives were joining GameStop’s (ticker: GME) board of directors. That, paired with holiday sales results, appeared to trigger “a long buying tsunami,” according to Dusaniwsky
Barron’s recently noted, citing short-selling data from S3 Partners, that the stock appeared to be primed for a short squeeze, when demand for a stock briefly rises as investors rush to cover bets that the price will fall. Investors have been betting against GameStop stock, given industry trends like the growth of free-to-play online games. Consumers’ growing tendency to buy games online, rather than shopping for copies at stores, has left the c