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American Airlines now says 13,000 people could be furloughed after it just recalled thousands back to work
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American Airlines podría despedir a 13 000 empleados por la crisis del Covid
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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 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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