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American Airlines now says 13,000 people could be furloughed after it just recalled thousands back to work

American Airlines now says 13,000 people could be furloughed after it just recalled thousands back to work
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GameStop rout erases $27 billion

GameStop rout erases $27B as Reddit favorites lose steam

GameStop rout erases $27B as Reddit favorites lose steam GameStop Corp.’s rally came to a screeching halt this week as the shares had their biggest one-day loss on record, erasing more than $27 billion in market value from their high. The stock, which has been the poster child for Redditors looking to squeeze short sellers, fell 60% Tuesday, and closed below $100 for the first time in a week. Several other Reddit favorites – including movie-theater chain AMC Entertainment Holdings Inc. and clothing retailer Express Inc. – also tumbled. GameStop’s retreat has coincided with a sharp reduction in short interest after bearish investors appeared to cover their positions. That has loosened a squeeze on the stock caused by day traders who used Reddit forums to tout and bid up out-of-favor stocks that also included American Airlines Group Inc. and BlackBerry Ltd.

GameStop: GameStop s giant bubble deflates further after $27 billion rout

GameStop Corp. shares continued their rapid fall back toward earth on Wednesday, with last week’s massive peak becoming a distant memory. The stock listed on Germany’s Tradegate venue fell to $71.99, implying a drop of about 20 per cent from Tuesday’s New York closing price of $90. GameStop, the poster child for Redditors looking to squeeze short sellers, plunged 60 per cent Tuesday, and has now erased more than $27 billion in market value from last week’s intraday high of $483. Several other favorites of the Reddit community including movie-theater chain AMC Entertainment Holdings Inc. and clothing retailer Express Inc. also tumbled, with AMC falling a further 12 per cent in early trading on Tradegate.

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