GameStop wraps up worst week ever, leaving US$18B hole
Abhishek Vishnoi, Bloomberg News VIDEO SIGN OUT
A Friday bounce for shares of GameStop Corp. after Robinhood Markets Inc. removed limits on buying the stock did little to repair the now US$18.2 billion hole left in the video-game retailer as it wrapped up its worst week ever.
The stock fell 80 per cent in the last five days, its worst performance on record, to US$63.77 at 4 p.m. in New York. Even with a 19 per cent gain on Friday, the stock now is far below last weekâs high of US$483 as retail trader demand and excitement across platforms like Reddit simmered.
GameStop wraps up worst week ever, leaving US$18B hole
Abhishek Vishnoi, Bloomberg News VIDEO SIGN OUT
A Friday bounce for shares of GameStop Corp. after Robinhood Markets Inc. removed limits on buying the stock did little to repair the now US$18.2 billion hole left in the video-game retailer as it wrapped up its worst week ever.
The stock fell 80 per cent in the last five days, its worst performance on record, to US$63.77 at 4 p.m. in New York. Even with a 19 per cent gain on Friday, the stock now is far below last weekâs high of US$483 as retail trader demand and excitement across platforms like Reddit simmered.
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(Bloomberg) While it may seem that the “meme stock” mania is dissipating following GameStop Corp.’s $27 billion wipe-out, there are still 16 companies whose shares are up triple digits this year.
Of the 50 stocks that Robinhood originally put on its restricted list, roughly a third have doubled or more in price in 2021, while only six are lower year-to-date. Leading the pack is Naked Brand Group Ltd., whose shares are 546% higher this year. Koss Corp. is up 528% while GameStop shares are still hanging onto a gain of 317%.
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Law Offices of Gary R Carlin APC Files Huge Class Action Lawsuit Against Robinhood
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LONG BEACH, Calif., Feb. 2, 2021 /PRNewswire/ A class action lawsuit filed in California Southern District Court on January 28, 2021 alleges that Robinhood purposefully, willfully, and knowingly deprived retail investors of the ability to invest in the open market during an unprecedented stock rise. Robinhood is also alleged to have manipulated the open market to the detriment of retail investors.
(PRNewsfoto/Law Offices of Gary R Carlin APC)
(PRNewsfoto/Law Offices of Gary R Carlin APC)
Huge Class Action Lawsuit Filed Against Robinhood
Analysts predicted that the market frenzy, which has drawn the attention of regulators and politicians, was likely to fade, and said it was just a question of how soon.