A century ago, who would have thought that robots will become an essential part of our daily lives. Thanks to robotic companies, such as iRobot Corp. (.
Reddit bludgeons hedge fund Melvin Capital and puts Wall Street kingpins on notice dailypress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailypress.com Daily Mail and Mail on Sunday newspapers.
The rise in
GameStop Corp (NYSE:GME) has been one of the hottest stories of the year. The move comes as retail traders on Reddit, Robinhood and elsewhere are searching for stocks with large short percentages.
Here is a look at 10 heavily shorted stocks that have already followed in GameStop s footsteps. Short percentages come from highshortinterest.com.
AMC Entertainment: Next to GameStop, one of the most talked-about stock moves has been
AMC Entertainment (NYSE:AMC). The company has 69% of its float traded short. The movie theater company is well known and has been circulated on the WallStreetBets subreddit. The hashtag #SaveAMC has also trended on Twitter several times over the last few days. Shares are up 248% Wednesday.
Reddit hammers hedge fund Melvin Capital with GameStop play chicagotribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from chicagotribune.com Daily Mail and Mail on Sunday newspapers.
The forum, members of which refer to each other as degenerates and create meme stocks, first targeted shares of GameStop, buying deeply out-of-the-money calls that created unprecedented demand for shares.
The ensuing 1,784% year-to-date rally in GameStop has led to massive losses for certain hedge funds that were short the stock, including Melvin Capital, which lost more than 30% and received an emergency $2.8 billion investment from Point72 s Steve Cohen and Citadel s Ken Griffin.
Advertisement
Now some traders are setting their eyes on other highly shorted stocks in the market, hoping to replicate the success of GameStop and cause pain for Wall Street hedge funds that are on the opposite side of the trade.