GameStop back on the rise as Robinhood eases trading ban
By Sagarika Jaisinghani and Medha Singh
Reuters
(Reuters) - The army of small investors behind this week s dramatic squeeze on Wall Street hedge funds returned to drive shares in GameStop and other hot companies higher on Friday as online broker Robinhood eased disputed trading restrictions.
Shares in the video game store chain and headphone maker Koss Corp both doubled in early deals after slumping on Thursday when several online platforms imposed buying halts, sparking a backlash from investors, celebrities and policymakers.
Robinhood said on its website that it was easing the restrictions, but still not allowing purchases of fractional shares in GameStop and 12 other companies, effectively meaning smaller investors have to bet more in order to buy in further to the trade.
El efecto GameStop podría extenderse aún más provocando tensiones economiahoy.mx - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from economiahoy.mx Daily Mail and Mail on Sunday newspapers.
American Airlines Group Inc (NASDAQ: AAL),
BlackBerry Ltd (NYSE: BB),
Naked Brand Group Ltd (NASDAQ: NAKD), among others.
Representatives from Robinhood could not be immediately reached for comment.
Why It s Important: Many users on Twitter expressed their frustration with the platform s decision to severely restrict trading on GameStop and AMC shares.
Either @RobinhoodApp allows free trading or it’s the end of Robinhood. Period.
Lol this Is very literally the thing that App was named after. And ironically the opposite of what the app actually did since it took money from its users by selling their trades to high speed traders. Full circle of irony. RT this so they know they are hypocrites!
U.S. Stocks Advance as Day-Trader Frenzy Eases: Markets Wrap
Bloomberg 1/28/2021 Vildana Hajric and Lu Wang
(Bloomberg) U.S. equities mounted a comeback from their worst loss since October as moves to limit retail traders’ speculation in some companies opened the door for hedge funds to load up on stocks they had been ditching.
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The S&P 500 Index rose 1% after trading platforms restricted activity in stocks whipsawed by internet chatter, from GameStop Corp. to AMC Entertainment Holdings Inc. and American Airlines Group Inc. Hedge funds that had shorted the stocks were burned in recent days, forcing them to reduce holdings in shares they loved in order to cut risk.
American Airlines lost $8.9 billion in a year of pandemic
Associated Press
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An American Airlines Boeing 777 is framed by utility wires as it prepares to land at Miami International Airport, Wednesday, Jan. 27, 2021, in Miami. The airline said Thursday that it lost $2.2 billion in the fourth quarter, with revenue plunging by nearly two-thirds from a year earlier. And the airline lost $8.9 billion for the full year after earning nearly $1.7 billion in 2019. .(AP Photo/Wilfredo Lee) (Copyright 2019 The Associated Press. All rights reserved)
FORT WORTH, Texas – American Airlines lost $2.2 billion in the fourth quarter as people stayed put in the pandemic, sending the carrier s revenue plunging by nearly two-thirds from the same period a year ago.