gamestop
New York (AFP) - Shares in GameStop, the company at the center of the "meme stock" craze that throttled Wall Street in early 2021, soared Monday in a move that recalled the earlier speculative frenzy. Shares were up more than 63 percent at $28.52 near 1730 GMT. AMC Entertainment, another "meme stock" from that period, jumped nearly 50 percent. The move, which analysts said was not based on business fundamentals, led to losses of some $1 billion from short-sellers who bet on a share price drop, CNBC reported. GameStop's surge followed the sudden reappearance on social media of "Roaring Kitty," ...
AFP
New York (AFP) - US securities regulators studying the mysterious surge in GameStop shares in January called Monday for deeper examination of "game-like" features on some trading platforms. A Securities and Exchange Commission report examining volatility in GameStop and other so-called "meme" stocks, said the wild market moves last winter highlighted the need for "potential study and further consideration" of ways to ensure "fair, order and efficient" markets. "Consideration should be given to whether game-like features and celebratory animations that are likely intended to create positive fee...
AFP
San Francisco (AFP) - After rocking the stock market at the end of January due to a speculative buying frenzy, shares in video game store chain GameStop are buzzing anew on Wall Street. GameStop shares more than doubled in price on Wednesday then rocketed further on Thursday in trading so heated that stock market operators tapped the brakes to cool the situation. GamesStop ended the formal trading day at $108.73, up 18.56 percent, but lost ground in after-hours trading. Trading driven by emotion or risk-taking rather than business fundamentals put the spotlight back on GameStop's wild ride, wh...
AFP
San Francisco (AFP) - Key players involved in the trading frenzy centered on GameStop shares told skeptical US lawmakers on Thursday that their actions were above board and in line with ordinary stock market business. Founders of free stock-trading app Robinhood and online forum Reddit were among those to testify at a House of Representatives financial services committee hearing. Unprecedented recent volatility -- with moves of up to 400 percent for shares in the GameStop video game store -- prompted calls for regulators to review the role of social media, hedge funds and trading platforms whi...
AFP
San Francisco (AFP) - Key players involved in the trading frenzy centered on GameStop shares told skeptical US lawmakers on Thursday that their actions were above board and in line with ordinary stockmarket business. Founders of free stock-trading app Robinhood and online forum Reddit were among those to testify at a House of Representatives financial services committee hearing. Unprecedented recent volatility -- with moves of up to 400 percent for shares in the GameStop video game store -- prompted calls for regulators to review the role of social media, hedge funds and trading platforms whic...
AFP
New York (AFP) - What a difference a week has made for video game retailer GameStop, which soared on Wall Street in January only to plummet some 70 percent since Monday. So is it game over for the stock market saga, which saw amateur investors challenge hedge funds with billions of dollars in assets? Here is a look at the ups and downs of GameStop's recent fortunes: Why is GameStop stock falling?GameStop, a well-known retail chain whose business model of selling games on discs has been overtaken by the internet, has seen a precipitous drop in value that is the flipside of its incredible 400 p...
AFP
New York (AFP) - Recent stock market mayhem has done what appeals to rise above self-interest could not -- gotten US politicians of all stripes to agree. While the broad partisan landscape remains combatively polarized, elected officials from the conservative right to the progressive left are standing up against what they condemn as market manipulation by Wall Street. Their first targets were hedge funds that bet shares would tank for companies in seemingly precarious financial positions such as GameStop, AMC movie theaters and Bed, Bath & Beyond. The common tactic is known as "short-selling,"...
AFP
Washington (AFP) - Progressive US senators Bernie Sanders and Elizabeth Warren called on Sunday for action against what they said were the Wall Street abuses by hedge funds revealed by the recent frenzy over GameStop shares. "We need an SEC investigation," Warren told CNN, referring to the federal Securities and Exchange Commission. "What's happening with GameStop is just a reminder of what's been going on on Wall Street now for years," the Democratic senator said. "It's a rigged game, and it's been a set of players who come in and manipulate the market." Amateur investors who organized over ...
AFP
New York (AFP) - The US Securities and Exchange Commission (SEC) on Friday said its regulators were keeping an eye on the whipsawing share prices of some Wall Street stocks that had been targeted by a social media-driven campaign to make wealthy hedge funds suffer. "The commission is closely monitoring and evaluating the extreme price volatility of certain stocks' trading prices over the past several days," the SEC said in a statement, a day after some platforms restricted trading in GameStop, AMC Entertainment and other stocks caught up in the surge. "We will act to protect retail investors ...
AFP
Sydney (AFP) - A little-known Australian mining company saw its share price soar as much as 50 percent on Thursday, after investors appeared to mistake it for the similarly named cult US stock GameStop. GME Resources Limited -- listed as "GME" on the Australian Securities Exchange -- surged in early trading, with the market taking an unexpected interest in the tiny Western Australia-based nickel miner. Trading volume in the company was at more than 20 times the normal average, leading some to believe that GME had been mistaken for GameStop, which has the ticker "GME" on the New York Stock Ex...
AFP
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