GME
GameStop, AMC, Koss, Express pare some gains, still up big premarket
- It was the catalyst the WSB/Reddit crowd had been waiting for...
GameStop (NYSE:GME) announced Tuesday afternoon that its chief financial
officer Jim Bell would resign on March 26. Several sources indicating
that the board pushed him out to execute its turnaround more quickly, but
an outsized reaction ensued amid a sudden burst of activity. Shares
surged
more than 104%, following two halts, and even rose another 83% in after
hours trading to $168.13, but pared gains back to $130.58 in today's
premarket session.
- The movement also came after Barstool Sports founder Dave Portnoy faced
off with Robinhood's Vlad Tenev over GameStop saga. Reddit also went down
after GameStop shot up, sparking a range of theories. While subreddit
r/WallStreetBets, which has championed the stock, seemed to be getting a
lot of heavy traffic right before the crash, it's unclear if the two were
related.
- When all was said and done, more than 82M GameStop shares traded hands
on Wednesday, the highest level since January 27. Derivatives trading
also
seemed to exacerbate the move in GameStop shares, according to
Susquehanna's Christopher Jacobson, with some 262,000 call options
contracts trading hands. Looking back, another management change prompted
all the activity back in January. The appointment of Ryan Cohen
(co-founder
of Chewy) to the GameStop board helped drive the heavily upward and
eventually resulted in the epic short squeeze that saw retail traders
inflict severe losses on hedge funds. The stock still has significant
short
interest at nearly 42%.
- On the move: Other meme stocks also took off on the developments, with
AMC Entertainment (NYSE:AMC)soaring 18% (its up another 15% premarket)
and Koss (NASDAQ:KOSS)skyrocketing 55% (ahead by an additional 50% in
premarket trade). Some of the usual suspects also got a lift yesterday,
including American Airlines (NASDAQ:AAL)+5.6%, BlackBerry (NYSE:BB)+5%,
Bed Bath & Beyond (NASDAQ:BBBY)+9%, Express (NYSE:EXPR)+41%, Naked Brand
(NASDAQ:NAKD)+31%, Nokia (NYSE:NOK)+4.7%, Sundial Growers (NASDAQ:SNDL)
+15%, Tootsie Roll (NYSE:TR)+2%, Trivago (NASDAQ:TRVG)+15%.
- Last week, GameStop bull Keith Gill, also known as Roaring Kitty,
shared a screenshot showing he had doubled his long position to 100K
shares.
|Today, 5:24 AM|1 Comment
GameStop, AMC, Koss, Express pare some gains, still up big premarket
- It was the catalyst the WSB/Reddit crowd had been waiting for...
GameStop (NYSE:GME) announced Tuesday afternoon that its chief financial
officer Jim Bell would resign on March 26. Several sources indicating
that the board pushed him out to execute its turnaround more quickly, but
an outsized reaction ensued amid a sudden burst of activity. Shares
surged
more than 104%, following two halts, and even rose another 83% in after
hours trading to $168.13, but pared gains back to $130.58 in today's
premarket session.
- The movement also came after Barstool Sports founder Dave Portnoy faced
off with Robinhood's Vlad Tenev over GameStop saga. Reddit also went down
after GameStop shot up, sparking a range of theories. While subreddit
r/WallStreetBets, which has championed the stock, seemed to be getting a
lot of heavy traffic right before the crash, it's unclear if the two were
related.
- When all was said and done, more than 82M GameStop shares traded hands
on Wednesday, the highest level since January 27. Derivatives trading
also
seemed to exacerbate the move in GameStop shares, according to
Susquehanna's Christopher Jacobson, with some 262,000 call options
contracts trading hands. Looking back, another management change prompted
all the activity back in January. The appointment of Ryan Cohen
(co-founder
of Chewy) to the GameStop board helped drive the heavily upward and
eventually resulted in the epic short squeeze that saw retail traders
inflict severe losses on hedge funds. The stock still has significant
short
interest at nearly 42%.
- On the move: Other meme stocks also took off on the developments, with
AMC Entertainment (NYSE:AMC)soaring 18% (its up another 15% premarket)
and Koss (NASDAQ:KOSS)skyrocketing 55% (ahead by an additional 50% in
premarket trade). Some of the usual suspects also got a lift yesterday,
including American Airlines (NASDAQ:AAL)+5.6%, BlackBerry (NYSE:BB)+5%,
Bed Bath & Beyond (NASDAQ:BBBY)+9%, Express (NYSE:EXPR)+41%, Naked Brand
(NASDAQ:NAKD)+31%, Nokia (NYSE:NOK)+4.7%, Sundial Growers (NASDAQ:SNDL)
+15%, Tootsie Roll (NYSE:TR)+2%, Trivago (NASDAQ:TRVG)+15%.
- Last week, GameStop bull Keith Gill, also known as Roaring Kitty,
shared a screenshot showing he had doubled his long position to 100K
shares.
|Today, 5:24 AM|1 Comment
Comments
Post a Comment