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Online brokerage app Robinhood, which is at the center of a Reddit-fueled rally in a handful of stocks heavily shorted by hedge funds, said on Wednesday it would allow investors to buy fractional shares in GameStop Corp and AMC Entertainment Holdings Inc.
The move allows buying parts of shares, often to encourage participation from smaller investors by reducing the size of the amount they have to bet.
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Trading limit on GameStop shares was increased to 100 from 20 on Tuesday, while restrictions on Express Inc, Naked Brand Group Ltd and Nokia were also eased, according to an update on Robinhood’s website.
Selling overwhelms GameStop and other Reddit-favored stocks
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GameStop shares halve, spelling possible end to manic Reddit rally
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Selling overwhelms GameStop and other Reddit-favored stocks
By Sagarika Jaisinghani, Thyagaraju Adinarayan and Lewis Krauskopf
Reuters
(Reuters) -GameStop Corp shares halved in value on Tuesday and silver prices retreated as the Reddit-driven trading frenzy that has shocked global financial markets appeared to fizzle, at least for now.
The videogame retailer s shares, which have seesawed wildly with hedge funds and other investors making or losing billions of dollars, were last down 54% at $101.64. They are now worth less than a quarter of their high of $483 last week.
Other so-called meme stocks caught up in the Reddit rally also sold off. AMC Entertainment Holdings Inc, Express Inc, and Koss Corp each dropped by about a third, while Naked Brand Group Ltd, BlackBerry Ltd and Bed Bath & Beyond Inc showed double-digit percentage losses. Nokia s U.S.-listed shares fell 8%.
Robinhood Narrows Trading Restrictions to Eight Companies
Bloomberg 2/1/2021 Yueqi Yang
(Bloomberg) Robinhood Markets Inc. reduced the number of companies with trading restrictions to eight from 50, ahead of Monday’s trading session, according to an update on its website.
The current list includes GameStop Corp., AMC Entertainment Holdings Inc., BlackBerry Ltd., Express Inc., Genius Brands International Inc., Koss Corp., Naked Brand Group Ltd. and Nokia Oyj.
Opening new positions in these securities is limited, according to Robinhood’s website, which listed the maximum number of shares and options contracts each user can hold. For those whose current holdings already exceed the limits, their positions won’t be sold or closed.