Wall Street Upheaval Over Stock Efforts

[Ironhold]

Gamestop: 'Failing' firm soars in value as amateurs buy stock

Is GameStop’s wild ride due to market manipulation by social-media users — or are they exercising free speech?

A number of businesses, such as video game retailer GameStop, are in such financial trouble that many investment firms have been betting against them.

Well, over the last 72 hours, a word-of-mouth campaign started on the internet has led to so many people buying stock in GameStop and some of these other companies that it's destroyed the models people have been using to predict how these stocks would perform. A number of firms are now losing billions over this, and it's to the point that the SEC has halted trading on some of these stocks while they investigate.

Time to grab some popcorn and enjoy the ride...

 

[Paulos23]

My wife caught wind of this. I think it is an interesting thing to stop an investment firm from buying them up.

 

[7thKeeper]

Reddit was doing this with AMC as well. Hedge funds were betting and shorting the stock and people hit them with GameStop first and then did the same with AMC, though iirc not quite as hard yet, but AMC was up a lot as well.

Can't do anything about it though, all of that is completely legal, system working just as intended. Except it was in used against the "wrong" people now. Can't have hedge funds losing bets, gotta bail them out.

 

[Paulos23]

It is Occupy Wall Street 2.0.

 

[Ignatius the Kiwi]

The only proper reaction to this is to laugh at the hedgefund managers who are likely panicking.

I won't be satisfied until Gamestop stock is number 1.

 

[Elliewaves]

This is very interesting .

 

[Zergling Rush]

Given the shonky behaviours of some of the short sellers, I am enjoying this so much.

Not sure that it can work long term, as some of those investing will stand to lose quite a bit of money, but enjoyable while it lasts. If they can send a few short funds to the wall before it dies out even better.

 

[mala]

i haven't really paid much attention to it but is the only reason this isn't a classic illegal pump and dump scheme is because it was technically all done in the open?

 

[Paulos23]

I have read more about this and watch several videos on this. Based on what I was looking at, the hedge fund short sellers got themselves in trouble by not looking at the positive outlook of Gamestop, with a new investor that got on the board, two new gaming consoles coming out that always boost GameStop sales, and a deal with Microsoft put GameStop in a good place. These hedge funds had shorted the stock already and then doubled down and shorted it again and were trying to spread bad news to make the stock go down. But people buying the stock and then not selling it right away caused them to lose money.

It also looks like the stock was undervalued. Here is a video with more on it.

 

[rambot]

I honestly love that this is something that brings CF together.

Boy oh boy do we have differing opinions on Trump but I am SO glad that people of ALL political stripes see these short sellers are pretty scummy and getting some well deserved cummupance.

 

[98cwitr]

GME now down 63%....wild

GameStop Corporation (GME) Stock Price, News, Quote & History - Yahoo Finance

 

[Ironhold]

GME now down 63%....wild

GameStop Corporation (GME) Stock Price, News, Quote & History - Yahoo Finance

Robinhood and TD Ameritrade are now forbidding people from buying the stock, and only permitting selling.

This is being seen as them trying to force people to sell to push the price back down, and is so alarming that AOC herself has threatened a federal investigation.

 

[rambot]

Robinhood and TD Ameritrade are now forbidding people from buying the stock, and only permitting selling.

This is being seen as them trying to force people to sell to push the price back down, and is so alarming that AOC herself has threatened a federal investigation.

Well I know butkiss about trading but I'm almost positive that that action, especially if coordinated would ABSOLUTELY be, worthy of a looksie non?

 

[rambot]

GME now down 63%....wild

GameStop Corporation (GME) Stock Price, News, Quote & History - Yahoo Finance

ROFL....I loaded the page and I'm just sitting here while my students take a break and I watched it go from 67% down to 50% in about 7 seconds.

 

[98cwitr]

ROFL....I loaded the page and I'm just sitting here while my students take a break and I watched it go from 67% down to 50% in about 7 seconds.

Yep...and now only down under 20%...needs to be a class action against Robinhood and the other firms that are blocking buys and only allowing sells. Perfectly fine to do when wall street folks decide to do it, but when the average middle class folks get together and decide to do something collectively now we have a problem? Free markets folks!

 

[Chesterton]

"Little Criminals" lol

 

[rambot]

GO LITTLE GUYS!!!

I have enough of a problem with the legitimate stock market but this version where you make money on people's failure is really terrible. And even worse that in the not distant past I'd read that they would sometimes even kinda "force" bankruptcy by shorting.

I mean, even with gamestock, they actually bought 140% of the available shares....140%!!!!! JUST to try to get as much money out of it as they can.

Just completely immoral stuff.

Greed is a terrible, destructive thing.

 

[SummerMadness]

I laugh at the hedge fund panic, but I am bothered by Robinhood restricting trade. I was considering getting AMC on Robinhood two weeks ago because I anticipate some return to normalcy, but that was before the share prices spiked like this. There is something to be said that the recent activity has overvalued the stocks, but they didn't have a problem with these short sellers driving down stock prices to undervalue a stock and profit from it. I'm all for the digital revolution here! But we all know the little guy is going to get hurt in the end because moneyed interests rule the roost.

 

[The IbanezerScrooge]

I honestly love that this is something that brings CF together.

Boy oh boy do we have differing opinions on Trump but I am SO glad that people of ALL political stripes see these short sellers are pretty scummy and getting some well deserved cummupance.

Not just CF.. AOC and Ted Cruz are on the same side of this!!

 

[Nithavela]

Not just CF.. AOC and Ted Cruz are on the same side of this!!

Unity has been achieved.

First kept promise of the Biden presidency.