Why an ice cream cone tweet sent more than doubled a stock s price in a day
Other so-called stonks - an intentional misspelling of stocks - favored by retail traders on sites such as Reddit s WallStreetBets, also shot higher
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GameStop Corp shares more than doubled in afternoon trading on Wednesday, surprising those who thought the video game retailer s stock price would stabilize after a fierce rally and steep dive that upended Wall Street in January.
The shares soared nearly 104% during the session in which trading was halted several times, then jumped another 85% after hours. The rally began after 2:30 p.m. (1930 GMT).
Gamestop Rallies Again, more than doubled in afternoon trading on Wednesday; Some Puzzle Over Ice Cream Cone Tweet
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GameStop rallies again; some puzzle over ice cream cone tweet
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GameStop rallies again; some puzzle over ice cream cone tweet
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NEW YORK (Reuters) - Wild gyrations in GameStop Corp shares have roiled Wall Street all week with plenty of chatter about every conceivable angle, but some traders have honed in on one question:
FILE PHOTO: A sign is seen outside a GameStop store in Niles, Illinois, U.S. May 23, 2016. REUTERS/Jim Young
For a stock that has rocketed about 350% in five sessions, why is the most hotly traded options contract at the 50-cent level?
Put options that pay out if GameStop’s shares fall below 50 cents within a year were the most popular options tied to the stock on Thursday, with nearly 33,000 contracts changing hands. The video game retailer’s stock closed down 44% at $193.60.