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GameStop shares plunge as traders dump stock
Reddit-inspired surge in stocks such as struggling video games store and AMC dive as hedge funds close positionsShares in GameStop plunged by 65% in early trading on Wall Street as the trading mania sparked by small investors, that sent its stock surging and cost hedge funds billions of dollars, lost momentum.The struggling Texas-based video game store chain has been the focal point of a battle by small traders, using forums such as Reddit, to punish Wall Street hedge funds that have bet on certain stocks falling in value. GameStop shares hit a high of $482 last Thursday but slumped to $80 shortly after the market opened. They recovered to $117 by mid-session, down 48% on their opening price. Continue reading...
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The GameStop strategy that outsmarted Wall Street, plus the heavily shorted stocks that could be squeezed higher next
Summary List PlacementHello everyone! Welcome to this weekly roundup of Investing stories from deputy editor Joe Ciolli....
