GameStop gamed in stock market tizzy By WILLIAM HENNELLY in New York | China Daily Global | Updated: 2021-01-29 12:20 A GameStop store is pictured amid the COVID-19 pandemic in the Manhattan borough of New York City, Jan 27, 2021. [Photo/Agencies]
It looks like the latest installment of Wall Street vs Main Street.
The stock market has been in an uproar this week over the wildly speculative trading in a handful of stocks, namely GameStop, a retail outlet that sells video games, and has drawn the attention of the US Securities and Exchange Commission, Congress and politicians from both sides of the aisle.
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Clash between retail traders and Wall Street professionals that sparked roller coaster rides in the shares of GameStop Corp may pose a risk to dozens of other stocks and potentially create a headache for the broader market, analysts said.
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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.
The volume of bearish options bets on GameStop Corp has surged while bullish bets are taking a backseat after a run that has catapulted the video game and electronics retailer s shares more than.