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GameStop Halted After Morning Tumble as Trade Unwinds

Stock Markets Feb 02, 2021 11:54AM ET
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By Liz Moyer

Investing.com -- GameStop Corp (NYSE:GME) was halted briefly for volatile trading after tumbling 50% earlier on Tuesday.

The short squeeze in certain stocks appears to be unwinding. Shares of GameStop erased the worst of the decline but are still down around 43% at midday after trading resumed.. AMC Entertainment Holdings Inc (NYSE:AMC) is down 38%, Express Inc (NYSE:EXPR) was down 32%, while BlackBerry Ltd (NYSE:BB) fell 18%. Meanwhile, the Dow Jones Industrial Average is up 600 points.

Last week, these stocks soared as retail traders using a Reddit forum and the mobile trading app Robinhood pitted themselves in a fight against hedge funds that had taken a negative view on the stocks by selling them short. Citron Research and Melvin Capital exited their short positions after being squeezed out.

Some other investors took advantage of the run-up in shares. Private equity firm Silver Lake converted a $600 million bond in AMC last week into shares of the movie theater operator, then sold the shares near their high of $19.90 on Wednesday.

GameStop Halted After Morning Tumble as Trade Unwinds
 

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Comments (2)
SteFone Burton
SteFone Burton Feb 10, 2021 4:25PM ET
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Afternoon,I would like to purchase some shares in the coming future.
leon kelly
leon kelly Feb 02, 2021 1:02PM ET
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They really dragged their feet on the halts today; Go figure
 
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