By Reuters Staff
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FILE PHOTO: The GameStop store sign is seen at its shop in Westminster, Colorado January 14, 2014. GameStop Corp, the world s largest videogame retailer, warned of lower-than-expected profit as sales sagged for games played on older versions of Xbox and PlayStation consoles. REUTERS/Rick Wilking
(Reuters) - Shares of videogame retailer GameStop Corp and insurance company Clover Health rose 3.5% and 4.1%, respectively, in early U.S. pre-market trading on Friday.
Clover Health had slumped 12% on Thursday after short-selling specialist Hindenburg Research published a critical report of the Chamath Palihapitiya-backed company.
GameStop’s stock has now slumped to about $53 after scaling as high as $483 last week in a rally fueled by amateur traders on social media forums such as Reddit’s WallStreetBets. It is still up about 177% from levels at the start of the rally.
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The U.S. Securities and Exchange Commission (SEC) is looking at every aspect of and parties involved in the "Reddit rally" of GameStop Corp and other stocks, said two people familiar with the matter, suggesting a swath of industry participants may be swept up in the regulator's.