GameStop market value soars past $13 billion after Elon Musk tweet

The Straits Times2021-01-27

NEW YORK (REUTERS, BLOOMBERG) - Amateur investors piled further into niche stocks on Tuesday (Jan 26), sending professional short sellers scrambling to cover losing bets, with GameStop skyrocketing ...

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Comments

Raychris
2021-01-31
Raychris
noted
Sky1z3
2021-01-29
Sky1z3
Noicee
- Sky1z3:
  .
waihustle
2021-01-28
waihustle
Speculative
Rebornsoul
2021-01-27
Rebornsoul
Wow, crazy gains!
WinZ
2021-01-27
WinZ
This is a stock for gambling
- Shan_shine:
  To the moon!
Weeeiru
2021-01-27
Weeeiru
Upss

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It is now worth more than 10 per cent of S&P 500 stocks including American Airlines Group and Under Armour.GameStop’s after-hours surge added to a 93 per cent jump during Tuesday’s roller coaster trading session, with the videogame retailer’s stock propelled by traders on Wallstreetbets, many of them buying volatile call options.The share spikes of the last few days are raising questions about potential regulatory clampdowns from the US Securities and Exchange Commission (SEC).“Such volatile trading fueled by opinions where there appears to be little corporate activity to justify the price movement is exactly what SEC investigations are made of,” said Jacob Frenkel, Securities Enforcement Practice Chair for law firm Dickinson Wright and former SEC enforcement attorney. 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An earlier tweet by Mr Musk sent Etsy up almost 9 per cent before it reversed its gains.The surge in recent days - GameStop has increased more than 700 per cent to US$147.98 from US$19 since Jan 12 - has spurred concerns over bubbles in stocks that hedge funds and other speculative players had bet would fall in value.Trading in GameStop stock was halted for volatility nine times on Monday and five times on Tuesday.To some stock market professionals, the recent moves look symbolic of a stock market that may be overvalued at the end of a year dominated by floods of fiscal and monetary stimulus to ease the coronavirus crisis.The benchmark S&P 500 has gained more than 70 per cent from lows last March caused by the coronavirus pandemic.“This is hardly an environment where informed investors are transacting to establish price discovery,” said Mike O’Rourke, chief market strategist at JonesTrading.Venture capital investor Chamath Palihapitiya said in a tweet that he had bought US$115 call options on GameStop on Tuesday morning after an exchange with Reddit founder Alexis Ohanian.More on this topicRelated Story'This is not normal': Wall Street grows wary of stock bubblesRelated StoryStimulus jitters dent Wall Street’s early gains; Nasdaq, S&P at recordsShort sellers in GameStop are down US$5 billion on a mark-to-market, net-of-financing basis in 2021, which included US$876 million of losses early Tuesday, according to analytics firm S3 Partners.“GME shorts and longs are in a knockout battle being waged in the stock market as well as social media platforms,” wrote Ihor Dusaniwsky, S3’s managing director of predictive analytics.Another stock popular with Reddit investors, Virgin Galactic Holdings, surged 17 per cent, and is now up 77 per cent year to date.A Bad EndMuch of the recent action among Reddit traders has centered around shares that have been heavily “shorted” by other market players - traditionally an area dominated by hedge funds.Shares in Evotec rallied 8 per cent on Tuesday with three traders reporting that hedge fund Melvin Capital Management was closing its short positions after suffering losses on some bets.Melvin previously held a 6.2 per cent short bet against Evotec, according to filings with the German regulator. The fund did not respond to requests for comment.Short sellers typically bet against stocks of companies that they view as outdated in their business models or otherwise overvalued.Noted short seller Andrew Left is as convinced as ever that GameStop is a dying business and its stock price will fall sharply. Mr Left shorted the company’s stock when it traded around US$40 a share and forecast publicly that it would tumble to US$20 a share. 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crazy gains!&nbsp;","listText":"Wow, crazy gains!&nbsp;","text":"Wow, crazy gains!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/313244125","repostId":2106440439,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":313258065,"gmtCreate":1611728092457,"gmtModify":1704862400860,"author":{"id":"3571992226593998","authorId":"3571992226593998","authorIdStr":"3571992226593998","name":"WinZ","avatar":"https://static.tigerbbs.com/650cc4793b013bfce45d446b3b745476","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3571992226593998"},"htmlText":"This is a stock&nbsp;for gambling","listText":"This is a stock&nbsp;for gambling","text":"This is a stock for gambling","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/313258065","repostId":2106440439,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3398303,"gmtCreate":1611733463801,"gmtModify":1680774303230,"authorId":3548499403880271,"author":{"id":3548499403880271,"authorId":3548499403880271,"name":"Shan_shine","avatar":"https://static.tigerbbs.com/7306949daae7474b0e20d43d0ce0e70c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":313258065,"type":1,"supId":0,"prevId":0,"content":"To the moon!","text":"To the moon!","html":"To the 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