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Gamestop Corporation (NYSE:GME), (AMC) - Robinhood Suspends Trading In GameStop, AMC And Others
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Lawmakers demand action on GameStop saga, Robinhood ban MarketWatch 1/29/2021
CAPITOL REPORT
Lawmakers and market observers are increasingly calling for congressional inquiries and regulatory actions against those responsible for growing bubbles in individual securities, including GameStop Corp. and brokers that have halted purchases of such stocks, which posted sharp declines Thursday.
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“The rollercoaster is a very enjoyable ride on the way up, but there’s always a ride down,” said Tom Cook, professor of business law at Georgetown’s McDonough School of Business. “The saddest thing we’re going to find is that young, unsophisticated investors will jump on this bandwagon based on the volatility and the upside, and they will in many cases come out as losers in a very big way.”
UPDATED: January 28, 2021 19:07 IST
Despite being a loss-making company, GameStop Corp s (GME) shares have surged almost 1,800 per cent in January and a staggering 8,000 per cent over the last 12 months. (Photo: Reuters)
Over the past few days, there has been a lot of chatter about GameStop Corp, a loss-making US video game and gaming merchandise retailer, on social media platforms. The reason behind the chatter is a wild surge in the company’s stock despite negative growth for years; its future does not look bright either.
Even then, GameStop shares have surged almost 1,800 per cent in January and a staggering 8,000 per cent over the last 12 months. On Wednesday, when the US index Daw Jones fell sharply over 2 per cent, GameStop shares surged nearly 135 per cent, up by almost $200 dollars.
Popular Stock App Robinhood Restricts Trading of GameStop, AMC, Other Meme Stocks
Individual investors woke up to an unwelcome surprise as the popular trading app Robinhood restricted stock purchases of several meme stocks related to the surprise rally around GameStop. The trading platform Robinhood, a commission-free stock platform popular with casual stock traders, restricted trades of several stocks this morning, including GameStop, AMC, Nokia, and Naked Brand Group, Ltd. The platform provided no immediate explanation for halting their clients from buying the stocks, but it does follow on the heels of other major trading platforms, such as TD Ameritrade, placing restrictions on the same stocks. The decision was met with widespread derision on the Reddit community /r/WallStreetBets, which has been at the heart of the unexpected moves on Wall Street over the past week. Within an hour of delisting the stocks, Robinhood received over 100,000 1-star reviews on the app store:
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