GameStop (GME) shares from under $20 all the way up to $483.
Six-hundred percent of that massive surge happened
just
last week.
AMC Entertainment (AMC), along with silver and biotech stocks.
This led to all kinds of broker outages, trading halts, and a call for the CEO of young people’s favorite brokerage Robinhood to testify before Congress.
Make no mistake:
And the next one could happen any day now.
Why Wall Street Was So Worried
Big-money traders who were short the stock found themselves “squeezed.” And the pain was about to be too much.
Short squeezes happen when lots of investors are short a stock. When that stock starts to rise, short sellers are forced to cover their position.
Reddit Investors Who Played GameStop Are Now Upvoting Silver February 7, 2021
Those of you with kids and grandkids may at some point have stepped inside a GameStop. If so, you might be familiar with the video game retailer’s tagline: “Power to the players.”
The same slogan could just as easily be the rallying cry for the millions of millennial and Gen Z Reddit-users who took to Robinhood last week to drive up the share price of the beloved yet struggling GameStop.
(Fun fact: Ross Perot was one of the earliest seed investors in GameStop’s predecessor, Babbage’s, which first opened its doors in Dallas, Texas, in 1984.)
SM (the “Index”) finished an up-and-down January slightly negative for the month but ahead of S&P 500
® Index by more than 40 basis points (-0.58% vs. -1.01%, respectively). The tech, health care and energy sectors all contributed positively to Index returns, offsetting much of the negative returns from industrials, financials and consumer staples. In addition to January performance highlights, this month I’ll also touch on something that had been relegated to the backburner for quite some time but may now be coming to the forefront: inflation.
It’s all Relative for Moat Stocks to Start 2021
As speculation in a small number of stocks drove market headlines toward the end of the month, the Index quietly saw a reversal of the trends that led to 2020 underperformance. Several information technology companies in the Index posted encouraging returns in January, following a disappointing 2020, and others from vulnerable sectors also bounced back. Though negative as of the end
February 5, 2021
Gambling industry-related exchange traded funds were in the black Friday after Wynn Resorts (NasdaqGS: WYNN) hit the jackpot on growing bets that the vaccine rollout will help brings things back to normal.
Among the best performing non-leveraged ETFs of Friday, the
Meanwhile, Wynn Resorts shares jumped 7.7% on Friday. WYNN makes up 3.0% of BJK’s underlying holdings.
“We are encouraged by the progress we have made at each of our properties over the past several months, as we continue along the road to recovery from the pandemic,” Matt Maddox, CEO of Wynn Resorts, Limited, said in a press release. “In Macau, the gradual and thoughtful easing of visitation restrictions allowed us to return to Adjusted Property EBITDA profitability in the fourth quarter, with particular strength in our premium mass business. In the US, our operations at both Wynn Las Vegas and Encore Boston Harbor were resilient as we continue to deliver our industry-leading service, while