GameStop shares jump 30 per cent following e-commerce commitment March 8, 2021 Shares in GameStop jumped 30 per cent today to nearly $180 per share, after the American video game retailer formed a committee to transform it into an e-commerce business. Gamestop’s share price hit its highest since January today, on the news that it chose shareholder Ryan Cohen as the head of a new committee to [...]
EU considers crackdown on short-selling following GameStop saga February 25, 2021 Ugo Bassi, director of Financial Markets in the European Commission’s DG FISMA (Financial services), said today the EU may consider tweaking disclosure rules for short selling to create more transparency. During a meeting of the European Parliament’s committee on economic and monetary affairs, he said he could envisage the possibility of lowering the 0.5 per cent [...]
GameStop trading halted 10 minutes after Wall St opens as stock gears up for volatile day February 25, 2021 Trading of GameStop stock was halted within the first 10 minutes of Wall Street’s opening bell, after the stock rocketed 104 per cent yesterday and a further 83 per cent in after-hours trading. The share price of American videogame retailer GameStop jumped 77 per cent on Wall Street’s open today, after amateur traders again [...]
GameStop fiasco: EU regulators to probe zero-commission stock trading February 23, 2021 Steven Maijoor, the chair of the European Securities and Markets Authority, confirmed today his regulatory body is looking into zero-commission trading. Addressing the Committee on Economic and Monetary Affairs of the European Parliament earlier today, Maijoor warned about the “gamification” of investing and stated that trading strategies designed to secure the price of a financial [...]
Robinhood executives join Reddit traders in grilling over Gamestop saga February 18, 2021 Reddit investors, hedge funds and online brokerage executives took to the Capitol in Washington this afternoon for a groundbreaking hearing into last month’s Gamestop saga. In a landmark case that could rip up the rulebook on Wall Street, the House Committee on Financial Services called witnesses to unpack last month’s events, including the chief executives [...]
Day-trading Davids could take on more worthwhile Goliaths than the hedgies February 16, 2021 Nicolas Mackel is CEO of Luxembourg for Finance Some may not agree with the actions of the mostly millennial retail day traders, who together gave hedge funds a bloody nose by coordinating via social media to skyrocket GameStop’s share price, but everyone agrees it is an extraordinary story. People are already talking about the movie [...]
GameStop’s stock slide speeds up as US senator steps in February 4, 2021 The slide in GameStop shares accelerated today as US officials warned they may step in to investigate the trading frenzy that has roiled markets in recent weeks. A surge in buying by amateur traders, fuelled by activity on social media, sparked big moves in shares of companies that were shorted by Wall Street hedge funds. [...]
GameStop dubbed ‘greater fool speculative bubble’ as stock price tumbles February 3, 2021 The share price of US video game retailer GameStop slid 60 per cent yesterday to $90, down from a high of $347 at the height of a Reddit-instigated short-squeeze on the stock. GameStop shares rocketed in January after a community led by Reddit forum r/wallstreetbets banded together and piled hundreds of thousands of dollars into [...]
Hedge fund Melvin Capital bags billions from investors following GameStop debacle February 1, 2021 After losing more than 53 per cent in January, Melvin Capital, the hedge fund at the centre of the GameStop drama, enjoyed a cash injection from investors in the last days of the month. The firm started the year with roughly $12.5bn, according to reports, but that dramatically dipped after it was at the centre [...]