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Drawing attention from financial regulators, lawmakers and the White House about possible market manipulation, GameStop‘s stock has dropped a staggering 81 percent just days after it hit an all-time high of $483 USD. As the momentum spurred by traders on r/WallStreetBets slows down, the company’s stock now sits under $100 USD.
The steep drop reveals that major hedge funds that faced a squeeze have closed their short positions after the Reddit rally and many investors that tried to make money off the recent surge have suffered major losses. Other stocks that saw highs recently have also plummeted, with AMC Entertainment going from $20 USD per share to just $6.50 USD and Blackberry following to $11 USD from $28 USD.
Krungsri joins force with MUFG and partner banks in ASEAN to analyze 2021 newswit.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newswit.com Daily Mail and Mail on Sunday newspapers.
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PLDT, INC. and Globe Telecom, Inc. reported mixed earnings in the first nine months of the year, but the telecommunications incumbents are expected to outperform the broader economy going forward as the pandemic hastens the adoption of digital processes and work practices.
Globe’s attributable net income for the nine months to September came in at P15.87 billion, down 10.25% from a year earlier. On an EBITDA basis (earnings before interest, taxes, depreciation, and amortization), earnings declined 2.8% to P56.25 billion, amid pressure on revenue during the pandemic.
Globe’s service revenue for the first nine months was P109.1 billion, down 1% from a year earlier, after a weaker performance by its mobile, corporate data and fixed-line voice business segments.