Page 82 - Gabe Plotkin News Today

(Bloomberg) -- For once, Main Street is beating Wall Street.In a matter of weeks, two hedge-fund legends -- Steve Cohen and Dan Sundheim -- have suffered bruising losses as amateur traders banded...

Michelle Chapman and Stan Choe Across most of America, GameStop is just a place to buy a video game. On Wall Street, though, it’s become a battleground where swarms of smaller investors see themselves making an epic stand against the 1%. The funds serving the financial elite are starting to walk away in defeat. Big bets they made that GameStop’s stock would fall went wrong, leaving them facing billions of dollars in collective losses. All the wild action pushed GameStop’s stock as high as...

For once, Main Street is beating Wall Street. In a matter of weeks, two hedge-fund legends – Steve Cohen and Dan Sundheim – have suffered bruising losses as amateur traders banded together to take on some of the world’s most sophisticated investors. In Mr Cohen’s case, he and Ken Griffin ended up rushing to the aid of a third, Gabe Plotkin, whose firm was getting beaten down. Driven by the frenzied trading in GameStop and other stocks that hedge funds have bet against, the losses suffer...

In addition to GameStop, the wild trading affected other heavily shorted stocks, including AMC Entertainment, BlackBerry and Koss. “We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AAL, $AMC, $BB, $BBBY, $CTRM, $EXPR, $GME, $KOSS, $NAKD, $NOK, $SNDL, $TR and $TRVG. We also raised margin requirements for certain securities,” Robinhood said in a...

A hedge fund at the heart of the GameStop stock surge has withdrawn from the financial battle, closing out its short position at a loss. CNBCs Andrew Ross Sorkin revealed Melvin Capital has sold all of its shares in GameStop during the networks Squawk Box programme, following a conversation he had with the funds manager Gabe Plotkin. The company is credited as the one that shorted GameStops stock before it was "attacked by an army of investors trying to push up the price." Sorkin said he did no...

Michael M Santiago/GettyImagesGetty Images "Theres no point in being a grifter if its the same as being a citizen." —Henry Gondorff Its taken me all day, and repeated viewings of the last scenes of Trading Places, but I think I have a handle on this whole GameStop/hedge fund story. From Traders on the Reddit message board, WallStreetBets, a community known for irreverent market discussions, made GameStock their cause du jour and rushed to buy out-of-the-money GameStop options. (A sample c...

The GameStop Craziness Pulls Back the Curtain on the Stock Market Day traders with apps have occupied Wall Street—and shown it to be a sham. STRF/STAR MAX/IPx GameStop wasn’t doing all that well, not as a business or a stock—until a couple of weeks ago. About a decade ago, we first heard the phrase “Occupy Wall Street,” which referred to groups of young people, fed up with a rigged economic system, taking over a small park in Lower Manhattan and demanding an economy tha...

Robinhood Says It Will Reopen GameStop Trading Last Updated This briefing has ended. Follow our latest coverage of A protest on Thursday at Robinhood’s headquarters in Menlo Park, Calif., after the stock-trading app said it would limit trades of GameStop.Credit...Ian C. Bates for The New York Times Several retail stockbrokers, including Robinhood, said they would allow trades of GameStop and other volatile companies after restricting customers’ ability to purchase securities earlier in the...

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

Elon Musk accuses Discord of going corporate after it bans Reddit group that is boosting Gamestop stock WallStreetBets – a community of young retail investors - was purged from messaging service Discord after they were tied to price surges on Wednesday Musk tweeted: Even Discord has gone corpo… WallStreetBets Reddit page has seen millions of new members arriving in recent days after Musk posted a link to the group on Twitter, writing: Gamestonk!! But such are the fears over the viral invest...