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Robinhood and other retail brokerages took steps to tamp down the speculative frenzy surrounding companies such as GameStop, but the actions only sparked more volatility in the market and an outcry from users of the platforms and some members of Congress who say small investors are being treated unfairly.
GameStop stock has rocketed from below $20 earlier this month to close around $350 Jan. 27 as a volunteer army of investors on social media challenged big institutions who had placed market bets that the stock would fall.
The action was even wilder on Thursday: The stock swung between $112 and $483 before closing down 43.2% at $197.44. It then shot back up 60% in after-market trading.
Saskatoon / 650 CKOM
Jan 28, 2021 3:33 PM
There’s a lot of education involved to try and understand the speculative trading that has taken the American economy by surprise this week, especially if stock markets aren’t your thing.
Riley Sittler, an investment adviser with PWM Private Wealth Counsel and IA Private Wealth, is here to help.
A group of users on the forum-based website Reddit targeted large hedge funds looking to bet against failing companies, the most popular of which has been gaming retailer GameStop.
“The community is effectively banding together, purchasing these stocks, rising the prices of these stocks higher and higher in order to squeeze these hedge funds out to the point where they’re effectively compelled to purchase the stock, close out the short positions, which will shoot the stock higher and higher,” Sittler said.
Robinhood tells customers it will allow âlimited buysâ amid GameStop, AMC trading frenzy
By Bradford Betz
GameStop stocks soar
Trading volume has surged in shares of GameStop, AMC Entertainment, as well as Bed Bath & Beyond and BlackBerry, stunning Wall Street firms betting that those stocks would fall.
Robinhood, the online trading platform at the center of a speculative frenzy involving shares of GameStop, AMC and other flailing companies, told its customers Thursday that it would be allowing limited buys of these companies starting Friday.
The announcement came as the company tries to clamp down on an influx of inexperienced investors that has sparked volatility in the market.