GameStop’s Wild Day

GameStop’s Wild Day
Andrew Rummer

about 3 years ago1 min

Mentioned in story

GameStop, the US video game retailer that’s become the focus of attention on Reddit’s WallStreetBets forum, had a morning to remember on Monday. 

As of lunch time in New York, the stock had soared as much as 145%, before reversing all those gains and briefly turning negative. The price swings prompted the stock exchange to halt trading half a dozen times to allow calm to return. 

This is a company that gets most of its $5.2 billion in annual revenue selling video games in shopping malls – remember them? – and lost $275 million last year.

The shares were up 18% at $88 as of 12:45pm in NYC, having traded as low as $3.50 back in March. Why? Well, there are many reasons and none. Look out for Carl’s Insight explaining the mechanics of the epic GameStop short squeeze tomorrow. All I’ll say is: “YOLO”.

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