Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

GameStop Jumps After Reports ‘Big Short's’ Burry is Long

Published 08/22/2019, 10:53 AM
Updated 08/22/2019, 12:07 PM
© Reuters.

Investing.com - Shares of GameStop (NYSE:GME) surged in midday trade on Thursday after Barron’s reported that investor Michael Burry is long on the stock.

The money manager, depicted in Michael Lewis’ book “The Big Short” as one of the first to short subprime mortgages before the financial crisis, holds about 3 million shares through his firm, according to Barron's.

GameStop jumped nearly 14% midday. It had lost nearly 70% of its value this year.

Burry told Barron's that the struggling gaming company still has potential as Sony (NYSE:SNE) and Microsoft's (NASDAQ:MSFT) consoles will have a physical drive, extending “GameStop’s life significantly.”

“Technical factors driving the stock to lows has created an opportunity for substantial buybacks at below private market prices,” he said.

Latest comments

non-event. I believe burry has been accumulating for more than 2 quarters if you look at filings....
typical pump and dump
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.