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GameStop Up 400% for Week as Traders 'Hold the Line' Despite Robinhood Cap

Stock Markets Jan 29, 2021 05:21PM ET
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By Yasin Ebrahim

Investing.com – GameStop rallied four-fold in just five trading days as the Redditors put the squeeze on the short sellers on Friday despite trading platforms including Robinhood imposing limits on trading for the second day in a row.  

GameStop (NYSE:GME) rallied 68% on Friday, racking up a 400% gain for the week. Baring a surge to $413.98 and dip to $250 intraday, the trading action in GameStop was confined to within the $300 price level, though the restrictions imposed on the traders most likely played a role. 

AMC Entertainment (NYSE:AMC) rose 54% on the day, Naked Brand Group Ltd (NASDAQ:NAKD) rose 19%, while Express (NYSE:EXPR) was up 28% and Blackberry (TSX:BB) climbed 6%.

Robinhood was at the center of attention after the trading platform limited traders to buying just a single share of GameStop, MC, Koss and Moderna (NASDAQ:MRNA). The popular trading platform went a step further, expanding restrictions on a list of stocks to 50 to include Starbucks (NASDAQ:SBUX) and Beyond Meat (NASDAQ:BYND). Traders were also limited to just two purchases of stock in Bed Bath & Beyond Inc (NASDAQ:BBBY)and Qualtric.           

The battle between the retail traders versus the Wall Street short-sellers continued to captivate and divide opinion on Wall Street. 

"There is no reality to [these] trades ... they not based on anything other than speculation," said William Galvin, Massachusetts Secretary of State. "The issue of shorting has to be addressed by the national regulator." 

Kevin O’Leary, chairman of O’Shares ETFs and co-host of "Shark Tank," disagrees. "The best thing we could do for this market is leave it alone," O’Leary said on CNBC. He argued that no one was considering whether GameStop executives would take advantage of recent appreciate in their stock price to raise capital, build a brand and pivot "just like Netflix (NASDAQ:NFLX) did when they were shipping out CDs in the mail."  

 

 

GameStop Up 400% for Week as Traders 'Hold the Line' Despite Robinhood Cap
 

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Comments (32)
Goku UI
vVNoXVv Feb 01, 2021 10:20AM ET
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They Big Guys been Manipulating the Markets for decades, allowing to short 140% of a company is just unreal and yet we see the very few tell us why we should get back in line and follow the rules... Short selling should be illegal, it's allowed in Canada so manipulation everywhere. Wake up
Goku UI
vVNoXVv Feb 01, 2021 10:20AM ET
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*Naked short selling should be illegal,
Rephael Inbar
Rephael Inbar Jan 31, 2021 1:14AM ET
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Short selling should be allowed only if you own the shares. Naked shorting must be outlawed but so should be this crowd manipulation.
Semih Unalan
Semih Unalan Jan 30, 2021 6:07PM ET
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Reading all of these comments made me realize that most people here do not know what market manipulation is. Trading individually or with a group of people with the intent to artificially push the price up in order to trigger a short squeeze is a typical manipulation scheme called cornering the market. It is illegal. Just because people meet and conspire online via Reddit and similar platforms, using pseudonyms, does not make it legal. It is a criminal offense and there are significant potential legal consequences. Consult a good lawyer before engaging in such trades to get a more detailed explanation.
Semih Unalan
Semih Unalan Jan 30, 2021 6:07PM ET
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You may read the article to learn more: https://www.jstor.org/stable/2331322?seq=1
Maine O Richards
Maine O Richards Jan 30, 2021 6:07PM ET
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HAHA I'M UP $37,000 FOLLOWING THE CROWD.
Jared Silverman
Jared Silverman Jan 30, 2021 6:07PM ET
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Call the waaaahhhhhmbulance 😭😭😭
vipul makani
vipul makani Jan 30, 2021 4:59PM ET
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SEC will make common man scapegoat and fed will bail out hedge fund. Typical Bollywood movie playing @ WallStreet
Semih Unalan
Semih Unalan Jan 30, 2021 4:59PM ET
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Yeah right, common men who get organized via social media to crowdfund market cornering manipulation schemes. They think they won't get caught just because they are using pseudonyms. We'll see what happens once the SEC starts probing.
harry le
harry le Jan 30, 2021 4:59PM ET
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Semih Unalan ok boomer i see everywhere with the hatress against retailer
New Jazenevd
New Jazenevd Jan 30, 2021 3:29PM ET
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Market goes through rather serious pullback and this site cannot find anything better than putting bunch of meaningless “gamestop” articles to forefront.
Art Fire
Art Fire Jan 30, 2021 3:29PM ET
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Mostly because the correction was expected and isnt really news at all
New Jazenevd
New Jazenevd Jan 30, 2021 3:29PM ET
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Art Fire  it is not a correction yet and it is an important investment issue at the moment whether it becomes a correction. That’s the real issue that investors are supposed to think about today preparing plans for next week. This site distract them with this meaningless “news” about bunch of fools obsessed with nothing.
Art Fire
Art Fire Jan 30, 2021 3:29PM ET
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They are whining and pouting because the fed doesnt come out and say “poor wallstreet we are going to keep spoonfeeding you”.. the fact that everything dropped except retail proves the drops are engineered to force perception. Its a joke.
Options Trader
Options Trader Jan 30, 2021 2:19PM ET
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If you have not figured out the corrupt players, you never will.
Ronald Warren
Ronald Warren Jan 30, 2021 1:46PM ET
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Anyone is a fool paying hubdreds for a stock that's worth a couple bucks. The players in this game are gonna' ****themselves.
Victor Asturias
Victor Asturias Jan 30, 2021 1:46PM ET
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How much is a currency you may never buy anything with worth?How much does paper-gold worth?Market suit up folks betting on perceived-value, why not the rest?
Benoit Avril
Benoit Avril Jan 30, 2021 1:46PM ET
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each individuals will lose at most thousands, when hedge funds will lose billions. You don't get it.
Ronald Warren
Ronald Warren Jan 30, 2021 1:46PM ET
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Dude!! We all know that the man with the gold makes the rules. I'm nobody, but I make a good living playing this game , sidestepping the big players.
Semih Unalan
Semih Unalan Jan 30, 2021 1:46PM ET
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Benoit Avril so as suspected, the intent here is clearly to attack the hedge funds and trigger a short squeeze.
Alan Rice
Alan Rice Jan 30, 2021 1:17PM ET
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SEC: Are You getting ALL this ??
Gerald Zhang
Gerald Zhang Jan 30, 2021 1:14PM ET
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robinhood go bankrupt if they can't handle their job
Kaveh Sun
Kaveh Sun Jan 30, 2021 1:06PM ET
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This fight is not over yet. Average Joes forced short selling hedge funds to cover (ie r/o/b wall street) If u dont hold ur line, they come back a short these stocks to dealth for vengence. Then the media have something to cheer.
 
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