BusinessGameStopstocks

GameStop, AMC stocks rise as retail traders look to inflict more pain on Wall Street

Shares of US bricks-and-mortar videogame retailer GameStop and movie theater giant AMC Entertainment surged in pre-market trading on Monday as small traders continue to short-squeeze Wall Street hedge funds.

GameStop’s stock is likely to continue its rally, as it added over six percent in early pre-market trading on the first trading day of the week. It comes after the company’s share price jumped 400 percent last week and surged over 1,600 percent for the whole January.




Also on rt.com
Robinhood narrows trade restrictions list to 8 companies, including GameStop



AMC is also expected to open this month with gains, as its shares rose nearly 20 percent. The movie theater operator’s stock gained over 200 percent last week.

Both companies are at the epicenter of the Reddit-driven short-squeeze on big hedge funds. A group of small investors united to boost shares of several firms the funds were betting against as they held short positions against the stock. The coordinated action caused a huge price rally and cost the short-sellers on Wall Street billions of dollars in losses.




Also on rt.com
GameStop investor clash will be won by Wall Street sharks because the game is rigged – analysts



For more stories on economy & finance visit RT’s business section

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close