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GameStop Corp (NYSE:GME) has been in the headlines constantly over the past two weeks as the poster boy for the monster short squeeze them that has threatened the existence of multiple multi-billion-dollar hedge funds, including Melvin Capital and Maplelane.
But, this is hardly just a story about GME. A basket of stocks has coalesced as the go-to group for regular short squeeze action, delivering often jaw-dropping returns sometimes in hours or even just minutes. Traders in communities like Reddit’s r/WallStreetBets forum regularly circulate the tickers in play and go after the shorts like sharks in red-tinted water.
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GameStop Corp. (NYSE: GME) shares jumped Friday after Robinhood completely lifted restrictions on buying shares of so-called meme stocks, including GameStop and AMC Entertainment Holdings Inc (NYSE: AMC).
What Happened: GameStop shares have skyrocketed from under $20 to as high as $483 in recent weeks as online communities of retail traders, led by Reddit’s WallStreetBets, orchestrated a buying frenzy in an attempt to trigger short squeezes in some of the most heavily shorted stocks in the market.
The short squeeze in GameStop triggered heavy January losses among hedge fund short sellers and ultimately resulted in Robinhood making the controversial decision to temporarily ban and restrict buying in GameStop and other popular meme stocks in recent days.