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Don t try to recapture the magic
Keith Noonan (GameStop): The comeback rally for GameStop over the last year has been nothing short of incredible. The otherwise struggling retailer s stock started to rise following excitement about new video game consoles from
Sony and
Microsoft. It got another boost with news that Ryan Cohen, founder of the successful pet-focused e-commerce platform
Chewy, was buying shares and taking an activist role in pushing the business to focus on online retail.
What happened next is a story for the history books. Individual investors coordinating on Reddit s WallStreetBets board and other internet social hubs noticed that some firms had placed huge bets against GameStop, and that buying of the stock could trigger a short squeeze that would result in the company s stock price skyrocketing.